Valeant announces new board of directors member

Valeant Pharmaceuticals International, Inc. announced Tuesday the addition of D. Robert Hale, partner of ValueAct Capital, to its board of directors and the resignation of Jeffrey W. Ubben, CEO and CIO of ValueAct Capital, effective as of Aug. 19.

"Over the past year, Jeff brought a strong shareholder perspective to our Board of Directors, and we have immense gratitude for his service," J. Michael Pearson, chairman and CEO of Valeant, said. "We are delighted that we will continue to have board representation from ValueAct Capital, a committed shareholder with a focus on long term value creation. We have gotten to know Rob well over the past five years and are glad that he will now serve as a director. Rob's strategic and financial expertise will add a valuable perspective to our board."

As a partner and member of the investment team of ValueAct Capital, Hale has worked closely with the board and management team of Valeant since January 2011. Hale will be the fourth partner of ValueAct Capital to serve on the Valeant Board.

"I'm pleased to join Valeant's board of directors," Hale said. "It's an exciting time for Valeant as the company positions itself for long-term growth and leadership in the pharmaceuticals and medical products industry. I look forward to working more closely with the company's leadership team and the board of directors to build on the company's success in the years to come."

Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops and markets prescription.