Market Overview

Valeant Hires Sam Eldessouky As SVP And Corporate Controller


Valeant Pharmaceuticals International, Inc. (NYSE: VRX) revealed that Sam Eldessoukyhas been hired as its Senior Vice President and Corporate Controller effective May 31.

According to the company, Eldessouky, who has over two decades of experience in accounting and finance, joins it from Tyco International Plc. Incidentally, he served there since 2004, most recently as SVP, Controller and Chief Accounting Officer. He would report to CFO, Robert Rosiello.

Valeant said that as a SVP and Corporate Controller, Eldessouky would be responsible for directing global accounting, as well as financial reporting activities to ensure accurate and timely compliance. That included all internal and external requirements. He would also be responsible for driving efficiencies and standardization throughout the global accounting function to enhance the monthly close, consolidations, controls and reporting processes.

The drug maker's new chairman and CEO, Joseph Papa, said, "Financial reporting remains a key area of focus for us, and we look forward to Sam's contributions as we enhance and bolster our reporting structure and policies, and rebuild trust among investors."

The company's CFO commented, "Sam is an experienced professional with a proven track record of delivering results in a complex, global public company, and we're pleased to have him lead Valeant's financial reporting efforts going forward."

Shares of the company traded 0.63 percent higher in the pre-market on Thursday.

Posted-In: News Management


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