Sam Eldessouky, after spending more than a decade helping lead the finance and accounting efforts at Tyco International (TYC) through more than one company break up and several divestitures, is taking on additional pressure to help embattled Valeant Pharmaceuticals (VRX) win back some of its reputation.
Valeant shares added about 2.3% to $22.14 midday Wednesday.
Having assumed the role of senior vice president and controller on May 31, 44-year-old Eldessouky effectively assumed the additional role of chief accounting officer on June 15, according to a Tuesday announcement released after the close of regular trading.
Robert Rosiello, senior vice president and CFO, previously served as chief accounting officer.
The appointment is the latest of recent executive changes at Valeant under newly appointed CEO Joe Papa, the former CEO of Perrigo (PRGO) - Get Perrigo Co. Plc Report . Papa, among other things, has made centralizing the company's finance department and implementing additional controls a near-term priority.
That should come as little surprise. Valeant has lost tremendous value after drawing intense, unwelcome scrutiny over allegations relating to its relationship with mail-order pharmacy Philidor Rx Services and Philidor customer R&O Pharmacy, as well as the company's legal but questionable accounting gamesmanship. The company in March pinned the blame on its former CFO and former controller, Howard Schiller, for its misstatements of earnings.
Valeant's new chief accounting officer and controller had since September 2012 most recently held identical positions at Tyco, the Ireland fire protection and security company, which in January agreed to combine with Johnson Controls (JCI) - Get Johnson Controls International plc Report to create an entity with $32 billion of revenue.
After a stint of approximately ten years at PricewaterhouseCoopers LLC, Eldessouky joined Tyco in July 2004, where he held various positions, according to data from relationship mapping provider BoardEx, a service of TheStreet subsidiary The Deal LLC.
During his several years at Tyco, Eldessouky experienced a slew of buying, selling and separating.
In his early years at Tyco, the company in 2004 to 2005 carried out an extensive divestiture program that included the exit of many non-core businesses. Tyco in 2007 carried out a three-way split, in which Covidien, TE Connectivity (TEL) - Get TE Connectivity Ltd. Report and Tyco International were formed, and in 2012, divided in pieces again, creating Tyco, ADT (ADT) - Get ADT, Inc. Report and Flow Control, which is now part of Pentair (PNR) - Get Pentair plc Report .
Eldessouky from 2007 to 2013 served as a member of the International Accounting Standards Board, and currently serves as a member of American Institute of Certified Public Accountants and Financial Executives International, BoardEx shows.
On the heels of its first annual meeting last week, Valeant appointed Thomas W. Ross Sr. as its lead independent director.
The Canadian pharmaceutical company June 14 elected all 11 director nominees to its board of directors at an annual meeting in Laval, Quebec that appeared to leave shareholders with more questions than greater clarity.
The new CEO laid out what he termed a "stabilization plan," but questions about Valeant's past troubles were barely discussed.