Valeant creates new executive position, appoints chief quality officer

LAVAL, Que. – Valeant Pharmaceuticals has announced it’s created a new executive position and hired its first chief quality officer.

Joining the Quebec-based drugmaker is Louis W. Yu, who will oversee all aspects of quality and regulatory compliance for all of Valeant’s global business and operating sites.

Valeant (TSX:VRX) said Yu brings more than 30 years of leadership experience at a number of pharmaceutical companies.

The embattled company expects Yu to help it implement sustainable quality and compliance programs.

Valeant has seen its stock plunge about 90 per cent since its record high in August 2015 amid controversy about the company’s steep drug price increases and allegedly unorthodox business practices.

It’s being investigated for its pricing practices and patient assistance program by the U.S. Securities and Exchange Commission as well as the U.S. Attorney’s offices in Massachusetts and New York.