Valeant CEO named chairman of the board

MISSISSAUGA, Ontario — J. Michael Pearson has been appointed to chairman of the board at Valeant Pharmaceuticals, the drug maker said Tuesday.

Pearson, who is Valeant's CEO, will extend his contract with Valeant through February 2017, the company said.

Pearson replaces current chairman Robert Ingram, who remains on the board as an independent board director and lead director.

"I am honored that the board has shown its confidence in me with this appointment and that by extending my contract, [it] allows me the privilege of leading this organization for the next six years," Pearson stated. "I continue to believe in Valeant's long-term potential, and I look forward to working with our team to execute on our strategy to become a leading specialty pharmaceutical company."