Valeant Pharmaceuticals announced the addition of D. Robert Hale—partner of San Francisco-based investment firm ValueAct Capital—to its Board of Directors, as well as the resignation of Jeffrey W. Ubben, CEO and CIO of ValueAct Capital, effective as of August 19, 2015. ValueAct Capital owns approximately 4% of the outstanding stock of Valeant, and has been a shareholder in Valeant since 2006.
Hale is the fourth partner of ValueAct Capital to serve on the Valeant Board, following Mason Morfit, Brandon Boze and Jeff Ubben. Prior to joining ValueAct Capital in January 2011, Hale was a principal with The Parthenon Group, working in both the Boston and Mumbai offices of Parthenon’s strategic consulting practice and also held an investment role at Parthenon's long-short public equity vehicle, Strategic Value Capital.
“Over the past year, Jeff brought a strong shareholder perspective to our Board of Directors, and we have immense gratitude for his service,” said J. Michael Pearson, chairman and CEO of Valeant. “We are delighted that we will continue to have Board representation from ValueAct Capital, a committed shareholder with a focus on long-term value creation. We have gotten to know Rob well over the past five years and are glad that he will now serve as a director. Rob’s strategic and financial expertise will add a valuable perspective to our Board.”