NEW YORK (AP) – Valeant Pharmaceuticals replaced Robert Rosiello as chief financial officer as the embattled company attempts to normalize operations amid a host of ongoing investigations and class action lawsuits.
The Canadian company named Paul Herendeen, former Zoetis chief financial officer, to fill the post immediately on Monday.
Valeant has been under fire for its strategy of buying smaller drug companies, then hiking the prices of the drugs that those companies make.
Earlier this year, the company ousted Michael Pearson, the CEO who engineered the Valeant’s acquisition strategy, replacing him with Joseph Papa.
Valeant is the target of at least 11 investigations in the U.S. and Canada, and a number of class action suits. The company’s income has been declining drastically for more than a year. In the most recent quarter, revenue tumbled 11.4 percent and losses widened.