Valeant said Monday that Herendeen takes over the CFO role from Robert Rosiello, who has been appointed executive vice president of corporate development and strategy.
“I am pleased to bring my experience and financial expertise to Valeant at this important point in its transformation, and I look forward to working with the leadership team and my finance colleagues to contribute to the company’s future success,” Herendeen stated.
Herendeen’s more than 30 years of financial experience and leadership includes 16 years as CFO of Warner Chilcott and MedPointe. He comes to Valeant from Zoetis, where he served as executive vice president and CFO since September 2014.
As Valeant’s CFO, Herendeen will oversee all of the company’s finance functions, including controllership, tax and treasury. He reports directly to chief executive officer Joseph Papa.
“Paul is an accomplished and well-respected financial executive, and we are delighted to welcome him to Valeant,” Papa commented. “His prior experience as a public company CFO, strong operational focus and disciplined approach to financial management make him the ideal choice to lead our finance function as we execute on our plans to stabilize and transform the company. As we move forward, Paul and the other members of the executive management team will play vital roles in shaping the new Valeant.”
In his new role, Rosiello assumes responsibility for corporate development and strategy and continues as an executive vice president and executive committee member, reporting to Papa. “At a critical time, he led our team through a financial restatement, oversaw the process of becoming current in our SEC filings, and spearheaded our efforts to strengthen our finance team, particularly by recruiting a new chief accounting officer,” according to Papa. “Rob’s integrity, work ethic and business acumen will be assets as we further develop our strategies to improve people’s lives with our health care products.”
Zoetis announced Sunday evening that it has promoted Glenn David, senior vice president of finance operations, to executive vice president and CFO, effective immediately. Report directly to CEO Juan Ramon Alaix, he becomes part of the executive team at Zoetis, which focuses on the animal health market. The company said Herendeen resigned effective Aug. 18.