Michael Pearson, Former Valeant CEO, Steps Down

Executive Presided Over Company's Rapid Growth and Fall

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Michael Pearson, the former chairman and CEO of Valeant Pharmaceuticals, has stepped down from his position. Pearson, 58, had been with the company since 2007, and took over as CEO in 2008. Under his leadership, Valeant became one of the largest pharmaceutical companies in the world, with a market capitalization of over $90 billion at its peak.

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Pearson's tenure at Valeant was marked by both rapid growth and controversy. The company acquired dozens of other companies, and its share price soared. However, Valeant also came under fire for its high drug prices and its aggressive accounting practices. In 2015, the company's stock price plummeted after it was accused of using questionable accounting methods. Pearson was forced to resign as CEO in 2016.

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Pearson's departure from Valeant marks the end of an era for the company. He was the driving force behind the company's growth, and his resignation is a sign that the company is entering a new chapter. It remains to be seen who will succeed Pearson as CEO, and what the future holds for Valeant Pharmaceuticals.