Howard B. Schiller (l) and Robert Ingram.

LAVAL, Quebec—Valeant Pharmaceuticals International, Inc. (NYSE: VRX) today announced that Howard B. Schiller has been appointed interim chief executive officer of Valeant, effective immediately. Schiller served as Valeant's chief financial officer from December 2011 through June 2015 and currently serves on Valeant's board of directors. Valeant also announced that Robert Ingram, lead independent director, will serve as interim chairman of the board of directors.

J. Michael Pearson remains in the hospital where he is being treated for severe pneumonia, and as the timing of his expected return is uncertain, he will be on a medical leave of absence until further notice, according to the company.

Ingram said, "As Mike's medical leave continues, and the timing of his recovery and return remains uncertain, Howard will now step in as CEO on an interim basis. Howard's performance as Valeant's CFO, as well as his deep understanding of Valeant's operations, are excellent and we are grateful that he has agreed to take on this role. The board will continue to work closely with Howard and the other members of the senior management team to implement Valeant's strategy successfully in Mike's absence."

Schiller said, "Valeant is a strong company with a collection of great franchises and strong health care brands, innovative strategies and an exceptionally productive approach to R&D. I appreciate the confidence the board has placed in me as I step into this role while Mike focuses on his health. Our future is incredibly bright and I am looking forward to working with the rest of the senior leadership, as well as the entire Valeant team, to continue to execute on our strategic plan."

In addition to serving as Valeant's chief financial officer, Schiller has been serving on the board of the company since September 2012. Schiller joined Valeant following a 24-year career at Goldman Sachs, a global investment banking firm. From 2009 to 2010, Schiller was the chief operating officer for the investment banking division of Goldman Sachs. From 2003 to 2009, he was responsible for the global health care, consumer products, retail, industrial and natural resource businesses in the investment banking division of Goldman Sachs.