Valeant Confirms CEO Will Be On Medical Leave Of Absence

Bloomberg reported on Sunday that Valeant Pharmaceuticals Intl Inc VRX's CEO Michael Pearson remains hospitalized with a "severe" case of pneumonia.

Bloomberg noted that Pearson was discharged by the Morristown Medical Center, a hospital in New Jersey, but the executive is still receiving medical care at an unknown hospital.

On Monday, Valeant issued a press release, confirming that Pearson will be on a medical leave of absence, effective immediately.

Valeant's board of directors has created an "Office of the Chief Executive Officer" which includes Robert Chai-Onn, Executive Vice President and General Counsel, Dr. Ari Kellen, Executive Vice President and Company Group Chairman, and Robert Rosiello, Executive Vice President and Chief Financial Officer.

"Our thoughts are with Mike and his family," said Robert Ingram in the company's press release. "Out of respect, we will be honoring his family's request for privacy and will not be commenting further on his condition at this time."

Shares of Valeant Pharmaceuticals plunged more than 5 percent Monday morning following the company's press release.