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Valeant Pharmaceuticals Appoints Philip W. Loberg as Interim CFO
Date:12/20/2010

MISSISSAUGA, Ontario, Dec. 20, 2010 /PRNewswire-FirstCall/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today announced that Philip W. Loberg, Valeant's former senior vice president and corporate controller, has been named to the role of interim chief financial officer, effective immediately, replacing Peggy Mulligan, former chief financial officer, who has elected to resign in order to pursue other interests.  The Company has initiated a search to identify a permanent replacement.

"The Board of Directors and I appreciate the contributions Peggy has made during these past few months involving the successful integration activities between Valeant and Biovail and we wish her well in her future endeavors," said J. Michael Pearson, chief executive officer.  "Phil has been an integral part of the Valeant finance department for over 10 years and played key roles in the successful integration of over eighteen acquisitions and several debt financings.  Under Phil's direction, Valeant implemented a turnaround strategy which included strengthening our financial systems and establishing strict internal controls at our various business units.  I am confident that our financial organization will operate seamlessly during this transition process."

Philip W. Loberg joined Valeant in 2000 as treasurer and was appointed chief financial officer of North America in 2006. In 2007, he was appointed to his most recent role of senior vice president, group financial controller, and in that role, Mr. Loberg has been responsible for the upgrading and retooling of the global finance department following restructurings and the disposition of non-performing assets.  In addition, Mr. Loberg simplified and streamlined the SEC compliance and reporting process and was instrumental in the integration of multiple new businesses throughout the global enter
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SOURCE Valeant Pharmaceuticals International, Inc.
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