LAVAL, Que. -- Valeant Pharmaceuticals International Inc. says seven of its directors will not be standing for re-election to the company's board.
Among them are the company's outgoing CEO, Michael Pearson, and its former chief financial officer, Howard Schiller.
The board had previously requested Schiller tender his resignation as a director, but he refused.
In addition, five independent directors will not stand for re-election at the company's annual meeting.
The company announced three new independent director nominees.
"As we transition to new leadership, it is a natural time to welcome three independent nominees who bring important new perspective and expertise to the board," Robert Power, the chairman of the nominating and corporate governance committee of the board, said in a statement.
The news came after the company announced it has filed its restated financial statements with the U.S. Securities and Exchange Commission.
The drugmaker had received default notices from its debtholders due to the failure to file its form 10-K with the regulator.
Valeant said Friday the filing of the document corrects the problem. It said it is in full compliance with its credit agreement.
Valeant missed a March deadline because of a need to restate how it reported about US$58 million of revenue from Philidor Rx Services, an affiliated company that has since been shut down.
Once Canada's most valuable company by stock market value, Valeant's stock has plunged by nearly 90 per cent amid controversy on several fronts, including its relationship with Philidor and its practice of hiking drug prices.
