WSJ : Valeant Finalizes Contract With Perrigo's Joseph Papa As Next CEO

(RTTNews) - Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) is finalizing a contract to name Perrigo Co. (PRGO) Chief Executive Joseph Papa as its next CEO, the Wall Street Journal reported, citing people familiar with the matter.

The Journal noted that Valeant has reached a contract deal with Mr. Papa and had aimed to announce as soon as next week that he would succeed longtime chief Michael Pearson.

But the appointment has hit a sticking point as the Perrigo board hasn't said whether it would allow Mr. Papa to void a noncompete clause in his contract, the report said.