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Valeant Layoffs

Discussion in 'Valeant Pharmaceuticals' started by Anonymous, Jul 29, 2013 at 4:51 PM.

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  1. Anonymous

    Anonymous Guest

    Sorry to hear about this!!!

    Valeant To Cut To 2,850 Workers After Bausch + Lomb Deal

    Posted Mon, 07/29/2013 - 11:04am by Ed Silverman 1




    Now that Valeant Pharmaceuticals has begun digesting its $8.7 billion acquisition of Bausch & Lomb, as many as 2,850 jobs may be cut from a combined workforce of approximately 19,000 people, as the drugmaker looks to save about $800 million over the next year and a half, according to a memo to employees that was filed with the US Securities and Exchange Commission.

    Specifically, Valent (VRX) will trim anywhere from 10 percent to 15 percent of its headcount, which numbers about 7,500 Valeant workers and between 11,000 and 12,000 Bausch & Lomb employees, a Valeant spokeswoman tells us. While corporate headquarters will remain in Laval, Quebec, and US headquarters and the new US eye health unit will stay in New Jersey, other facilities will be moved or closed.

    Meanwhile, the new management team looks like this: Laizer Kornwaiser is exec vp and company group chair for Canada, neurology and oral health; Pavel Mirovsky is exec vp, president gm for Europe; Howard Schiller is exec vp and cfo; Rob Chai-Onn is exec vp and general counsel; Brian Stolz is exec vp and chief of HR, and Ryan Welcon is exec vvp and group chair for the Medicis unit.

    Who’s leaving? Sue Hall, the global head of R&D at Valeant, along with most of the executive team at Bausch & Lomb: Bob Bailey, John Barr, Bob Bertolini, Alan Farnsworth, Mariano Garcia-Valino, Mike Gowen, Brian Harris, Rick Heinick, Sheila Hopkins, Susan Roberts, Rod Unsworth and Charl van Zyl. A prominent exception is Dan Weschler, who is now exec vp and group chair for Bausch & Lomb.


    axe pic thx to brittgow on flickr
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    1 Comment
    original indust... Jul 29, 2013 - 11:54am

    The nice part about massive layoffs is that the acquiring company can structure the charge against earnings in a way that will minimize it's hit to the bottom line.

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  2. Anonymous

    Anonymous Guest

    This number appears to be all over the place. If its a dollar amount, it's not the amount of people, but who.
  3. Anonymous

    Anonymous Guest

    Do Tage and Peter know about eyeballs?
  4. Anonymous

    Anonymous Guest

    They know about balls.
  5. Anonymous

    Anonymous Guest