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Valeant said in March that "improper conduct" by former Chief
Financial Officer Howard Schiller and former Corporate
Controller Tanya Carro had contributed to a misstatement of its
financial results.
Eldessouky's appointment follows the replacement of Michael
Pearson as chief executive by Joseph Papa, the former CEO of
drugmaker Perrigo Co Plc <PRGO.N>, and the resignations of
Schiller and former Executive Vice President Deb Jorn.
Eldessouky joins from security systems maker Tyco International
Plc <TYC.N>, where he had worked since 2004, most recently as
senior vice president, controller and chief accounting officer.
He starts on May 31.
Valeant said Eldessouky would direct accounting and financial
reporting activities to ensure accurate and timely compliance
with all internal and external requirements.
The Canadian drugmaker, a former investor favorite, has lost
about 60 percent of its value since March 14, the day before it
said a delay in the filing of its annual report could put it at
risk of a default on its borrowings.
Apart from the company's financial problems, it has faced
criticism for its practice of sharply increasing the prices of
the drugs acquired through a slew of takeovers.
Valeant said on Tuesday it was reviewing its compensation
policies for executives to reflect the current environment.
The company's U.S.-listed shares, which traded as high as
$263.81 in August, were up marginally at $27.30 in premarket
trading on Thursday.
(Reporting by Amrutha Penumudi in Bengaluru; Editing by Kirti
Pandey and Ted Kerr)
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