Valeant Pharmaceuticals on Monday said Chairman and CEO J. Michael Pearson will be on medical leave, effective immediately, after being hospitalized on Friday with a "severe case of pneumonia," the company said.
"We are not commenting further on Mike's illness other than he has a severe case of pneumonia and is receiving treatment in the hospital," the company told CNBC in a statement. "Out of respect, we will be honoring his family's request for privacy and will not be commenting further on his condition at this time, nor the expected length of his medical leave."
The company's board of directors has created an Office of the CEO, which will include Robert Chai-Onn, executive vice president and general counsel, Dr. Ari Kellen, executive vice president and company group chairman, and Robert Rosiello, executive vice president and chief financial officer, to serve in an interim capacity.
The board has also created a committee to oversee and support the Office of the CEO
"We wish him a speedy recovery and look forward to him returning to work when he is feeling better," the spokeswoman, Laurie Little, said in a statement.
She declined to provide further details on Pearson's condition, citing privacy concerns, but told Reuters via email that the company plans to "provide further details on his condition as appropriate."