Canadian drug maker Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) reported its nominations for the board of directors at its annual meeting of shareholders on May 20, 2014. Given Valeant's increased size as a company and its ability to look at a broader set of business development opportunities, three of the firm's directors, who have full-time jobs looking at healthcare investment opportunities, feel that continued service on the Valeant board could limit their professional effectiveness, and will be excluded in the slate.
These directors are Fred Hassan, Partner and Managing Director at Warburg Pincus LLC, Mason Morfit, President at ValueAct, LLC, focused on healthcare and technology sectors, and Lloyd Segal, Managing Partner at Persistence Capital Partners, LP, which has two active healthcare private equity funds. All other current directors will stand for re-election. The board excludes Messrs. Hassan, Morfit and Segal on the nominee slate after taking into consideration their preferences and other commitments.
Meanwhile, Colleen Goggins, former Johnson & Johnson Worldwide Chairman Consumer Group, Executive Committee, and Anders Lonner, former Chief Executive of Meda AB are the newly chosen nominees.
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