Valeant Reportedly Appoints Zoetis' Executive Paul Herendeen As CFO

(RTTNews) - Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) is expected to announce it has appointed Paul Herendeen as its new chief financial officer, luring the executive away from animal-health giant Zoetis Inc.(ZTS), the Wall Street Journal reported citing people familiar with the matter.

Herendeen, 60, would replace Robert Rosiello, who will remain with the Canadian pharmaceutical company as head of corporate development and strategy, the report said.

The appointment, expected to be announced Monday morning, is a continuation of the shake-up at the embattled drugmaker.

The company has been beset by months of turmoil. In April, it named Joseph Papa, a veteran drug industry executive, as its chairman and CEO, replacing longtime chief Michael Pearson.

Separately, Zoetis said Sunday that Glenn David, Senior Vice President of Finance Operations, has been named Executive Vice President and Chief Financial Officer, and will assume responsibility for the oversight of the company's financial management, planning and global operations, effective immediately.

Zoetis noted that David will succeed Executive Vice President and Chief Financial Officer Paul Herendeen, who has resigned effective August 18, 2016, to accept the position of CFO at another public company.

With more than 20 years of experience in finance and operations, David has played a key role in leading the financial operations for Zoetis since its Initial Public Offering in 2013. As senior vice president of Finance Operations for Zoetis, David led a diverse global team of finance professionals including financial planning, analysis and support across its approximately 45 global markets; Treasury; Finance Shared Services and Global Operations. From April 2014 through August 2014, David served as acting Chief Financial Officer of Zoetis.

Before the Zoetis IPO, David served in various financial roles at Pfizer, including vice president of Global Finance for Pfizer Animal Health and vice president of Finance for the U.S. Primary Care franchise.