NEW YORK (TheStreet) -- Shares of Valeant Pharmaceuticals (VRX) are advancing 1.22% to $27.45 in pre-market trading on Thursday as the company said it appointed Sam Eldessouky as corporate controller and senior VP.
The move is the latest management change at the embattled pharmaceutical company as it looks to rebuild its reputation amid criticism of its accounting practices, Reuters reports.
Eldessouky joins Valeant from security systems company Tyco Int'l (TYC), where he has worked since 2004, most recently as senior VP, controller and chief accounting officer, according to a statement. He starts May 31.
"Financial reporting remains a key area of focus for us, and we look forward to Sam's contributions as we enhance and bolster our reporting structure and policies, and rebuild trust among investors," CEO and chairman Joseph Papa stated.
In March, the company said that "improper conduct" by former CFO Howard Schiller and former corporate controller Tanya Carro contributed to a misstatement of financial results, Reuters said.
Eldessouky's appointment comes after the replacement of Michael Pearson as CEO and the resignations of Schiller and former EVP Deb Jorn.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: VRX