<span id="midArticle_start"/> Valeant Pharmaceuticals International Inc has again reached into the ranks of business advisory firm McKinsey & Co to hire a senior executive, naming Robert Rosiello as its next chief financial officer on Thursday.
<span id="midArticle_0"/>Valeant Chief Executive Michael Pearson had also moved to the company from McKinsey, and said he has worked with Rosiello for 20 years.
<span id="midArticle_1"/>"I know his tremendous expertise in health care and in particular M&A, his unquestioned intellect, and work ethic and integrity will prove to be of great value to the Valeant organization and its shareholders," Pearson said in Laval, Quebec-based Valeant's statement.
<span id="midArticle_2"/> <span class="first-article-divide"/>Rosiello's experience heading McKinsey's global merger practice is especially important at Valeant, which has increased its revenue aggressively through a stream of acquisitions.
<span id="midArticle_3"/> <span class="second-article-divide"/>Valeant has counted on current CFO Howard Schiller to reassure investors about Valeant's financial performance amid criticism that its reporting practices are obscured by its frequent acquisitions.
<span id="midArticle_4"/> <span class="third-article-divide"/>Rosiello will replace Schiller on July 1. Schiller, who surprised analysts by announcing in April his intention to quit, will remain on Valeant's board and serve as a consultant.
<span id="midArticle_5"/>Valeant's shares rose about 1 percent in morning trading in New York and Toronto. The stock had declined in pre-market activity as shareholder ValueAct Capital Management said it sold 4.2 million shares. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Peter Galloway)
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<span id="midArticle_0"/>Valeant Chief Executive Michael Pearson had also moved to the company from McKinsey, and said he has worked with Rosiello for 20 years.
<span id="midArticle_1"/>"I know his tremendous expertise in health care and in particular M&A, his unquestioned intellect, and work ethic and integrity will prove to be of great value to the Valeant organization and its shareholders," Pearson said in Laval, Quebec-based Valeant's statement.
<span id="midArticle_2"/> <span class="first-article-divide"/>Rosiello's experience heading McKinsey's global merger practice is especially important at Valeant, which has increased its revenue aggressively through a stream of acquisitions.
<span id="midArticle_3"/> <span class="second-article-divide"/>Valeant has counted on current CFO Howard Schiller to reassure investors about Valeant's financial performance amid criticism that its reporting practices are obscured by its frequent acquisitions.
<span id="midArticle_4"/> <span class="third-article-divide"/>Rosiello will replace Schiller on July 1. Schiller, who surprised analysts by announcing in April his intention to quit, will remain on Valeant's board and serve as a consultant.
<span id="midArticle_5"/>Valeant's shares rose about 1 percent in morning trading in New York and Toronto. The stock had declined in pre-market activity as shareholder ValueAct Capital Management said it sold 4.2 million shares. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Peter Galloway)
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