Valeant CEO Stepping Down

CBJ — Valeant Pharmaceuticals has announced its CEO Michael Pearson (pictured) is stepping down as soon as a replacement can be found. In addition to that, Pershing Square Capital CEO Bill Ackman is joining the board of directors of the Montreal-based drugmaker.

The major changes come after Valeant lost more than 90% of its value amid a series of accounting scandals. At its peak, Valeant was worth more than $100 billion.  It’s now worth less than $11 billion.

The company, which makes a wide variety of generic drugs and other medical supplies, grew quickly through acquisitions for much of the last half-decade. It fell on tough times in the summer of 2015 when short-seller Andrew Lett called the company’s finances a “fraud” because of the way it books revenue.

The company also caught the attention of the U.S. government, which is probing the company’s rapid increases in drug costs.