Valeant Writes Former CEO $9M Check, Scribbles "Please Stop Helping" In Memo Line

We hope Bill Ackman is meditating today.
Author:
Publish date:

You guys remember Valeant, right?

Ackman.Valeant.Pearson

Put your hand down, Ackman, we know you do.

Well, they're still trying to tidy up after the implosion over there, so you know what that means: Time to put some golden parachutes in some gabardine backpacks and hope for the best!

C. Michael Pearson, the former chief executive of Valeant Pharmaceuticals International who departed in early May amid a series of investigations into the company’s business practices, will receive a $9 million severance payment and continue working as a consultant through 2017, Valeant said Tuesday.

Sure, Pearson is being savagely scapegoated as the prime mover in a management disaster that tanked Valeant's stock price and plunged the company into $30 billion in debt, but a guy's gotta eat!

[U]nder the agreement, Mr. Pearson will also receive more than $83,000 a month through the end of this year and $15,000 monthly in 2017, plus expenses and health insurance benefits, to help the company transition to a new chief executive and handle the host of legal investigations.
He will also be eligible for bonuses tied to the company’s performance in 2016 before May 2, when he left the company.

While the particulars of the deal might create some temptation for Pearson to "Help," we're going to go ahead and assume that he is under rather strict orders to "Don't even."

And judging from what Valeant has coming up, it would be in everyone's best interest for Pearson to spend much of his consulting time catching up on "Game of Thrones" and less of his time offering his thoughts to his former employer.

The company now faces investigations from Congress, United States attorneys in New York and Massachusetts, as well as the Securities and Exchange Commission.

Valar morghulis.

Valeant’s Former C.E.O. to Receive $9 Million Severance [NYT]

Related