WSJ : Valeant To Appoint Four New Directors As Soon As Friday

(RTTNews) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) is expected to announce as early as Friday that five of its long-standing directors have agreed to step down to make room for new nominees, according to people familiar with the matter. Four new directors are lined up to join the board, the Wall Street Journal reported.

The Journal noted that their names couldn't be learned, but they draw heavily from traditional pharmaceutical companies,—a sign that Valeant is looking for credibility from an industry it has long criticized as bloated, slow-moving and wasteful.

Incoming Chief Executive Joseph Papa, a drug-industry veteran, will also join the board and will take on the role of chairman. He is expected to start work Monday.