VALEANT, Ohio — Valeant Pharmaceutical and its chief executive, Peter Vessenes, have announced the appointment of former New York City Mayor Michael Bloomberg as the company’s new CEO.
Bloomberg, who served as New York’s mayor from 1994 to 2002, has been in private equity since 2013 and previously served as chief operating officer of the global health insurer Covid-19.
He will be the company CEO, according to Valeant’s announcement on Monday.
Bloomberg is the first openly gay executive to lead a publicly traded company.
Bloomberg will become CEO on July 1, 2017, and will also become chief financial officer and chief operating person.
The company also said he will oversee the global business unit of Valeant.
Vespera, which acquired the American-based prescription drugmaker Pfizer in 2013, said Bloomberg will also serve as chief medical officer.
“Our new CEO, Peter, is a leader who brings years of experience and tremendous leadership to the company,” the company said in a statement.
“He has an unmatched track record in delivering great value to our shareholders, and he will help lead us to a sustainable path for the future.”
Vestas CEO and founder Martin Glasenberg will also step down from the position in July.
He was named CEO on Jan. 4, 2017.
The board of directors will meet to appoint Glasenberg as CEO.
The resignation comes as Valeant faces a major overhaul of its management structure, which was criticized for the companys continued reliance on expensive outside consultants, according a Bloomberg article in February 2017.
Glasenberg said in the article that he wanted to focus on what he calls “the people” at the company, and that the company would be more focused on innovation and growth.
In a separate statement on Monday, Glasenberg also said the company plans to invest more in its manufacturing and distribution operations.
Glasenberg was a director of Valeants largest shareholder, General Electric Co., and was a member of the executive committee of its advisory board.
The company also announced that the board of trustees for the nonprofit organization Global Citizen Foundation will meet in Washington, D.C., on Wednesday to review the company and the changes it will be implementing.
The group is led by billionaire investor George Soros.
Glasenburg, who was also the chairman of the group, said the board has made a number of significant changes, including revising its mission statement, moving to a new executive board and launching a new website to better communicate the organization’s goals.
Gates also said in January that the global company plans on launching its own digital and video communications platform, which will be called Global Citizen Media.
A spokesperson for Valeant did not immediately respond to a request for comment.
Earlier this year, Valeant announced plans to spend $10 billion on acquisitions and a spin-off of its pharmacy business.