- Screenshot/ABC News
Valeant Pharmaceuticals’ outgoing CEO Michael Pearson made $143.1 million in 2015, according to Dow Jones.
It was the year the international giant was brought to its knees.
In October accusations of malfeasance from a short seller combined with government scrutiny over Valeant’s drug pricing practices to drag its stock down almost 70%.
It was announced that Pearson would step down from the company earlier this month, after it was forced to change its business model, shut down a previously undisclosed internal pharmacy called Philidor, and filed its annual report over a month late, risking default on its $30 billion debt load.
On Wednesday, Pearson, the company’s former CFO and billionaire hedge fund investor and board member Bill Ackman testified before Congress, answering for hiking the prices of a number of critical drugs to exhorbitant levels.
Since then the company has also announced that longstanding board members will step down.
New CEO Joe Papa starts on Monday.