Finance Department Bridgewater NJ

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Wow, this really explains the downfall of valeant. They hired the cream of the crop lol they were desperate to find people when they moved from California to the dump known as central NJ. They should have no problems finding new jobs with all this postivity lol haha

 

Those who were carry-overs from pathetic Biovail and those who came over from CA are still part of the problem, definitely not the solution nor know how to make decisions. There were probably some good ones, but they're all long gone, since they were a smarter bunch and headed for the hills when this house of cards came tumbling down. I bet they're all laughing at those fools left behind.

 

It must be really hard to attract top or even average talent, due to all the negatively and incompetent staff. They should try file bankruptcy and dissolve this company. The finance staff is a embarrassment to pharmaceutical companies everywhere.

 

Major shakeups coming in the Finance Department in the next month according to several sources. A lot of layoffs, one of the measures to help ease share holder concern. As many as 80% will gone, it will be done Valeant style in stages to help employee morale.

 

We've been told all along sales and revenue is still strong and no one is losing their job. We'll see...

 

So, finance department is filled with incompetent hacks yet sadness over said incompetent hacks being fired?

This message board is nuttier than a squirrel turd.

 

?? I don't see anyone sad here. Maybe the people who are longing Valeant but that's it.

 

I don't think anyone is upset. It's pretty unbelievable that Valeant's strong leadership lol has taken this long to take out the trash. This department has destroyed this company. I guess arrogant stupidity runs from top to bottom.

 

Well, what matters most is that it is being done, finally.

 

I'll believe it when I see it. Too many false rumors that never materializes.

 

Ver true. Message board rumors has to be taken with a grain of salt.

 

Yeah, like all those morons who were predicting that the stock was going to $2 by the end of '16. They were probably shorters.

While it make sense to clean house strategically, it doesn't make sense to wipe out the entire group at one time and replace them with external replacements who knew nothing of what had been going on recently. This should only occur if there were across the board fraud and there was hard evidence to justify the firing. They have replaced the CEO, CFO (twice) and the controller, but not many of the proletariats have been shown the door. Those who left were fed up with the b.s., probably had better transferable skills and found another gig.

 

Valeant is known for systemically eliminating personnel piece by piece. They have done this in every acquisition that they have done. Buy the product, eliminate staff not all at the same time but piece by piece. There will be a entire new Finance staff within a year. Consolidation will probably be first, then followed by the most incompetent staff. i.e. s. barry, k. rutowski.

 

They probably will gain immediate benefits just by eliminating those two and a few others without having immediate replacements. Their lack of knowledge and common sense just make it extremely difficult to understand how they are still there. Heard KR was a relative of an exec and SB is just a "yes" boy with zero personality.

 

Can't say I really understand the hatred for consolidations, they weren't responsible for things like the revenue recognition issue with philidor. Consolidations is more focused on reporting the numbers. You can try to blame them for the 10k delay... except they were the ones who had to clean up the mess caused by the accounting teams, not the cause of the problems. Had there been no mess, there wouldn't have been a delay(aka GT in this case).

I'd seriously love to sit down with whoever is so pissed at consolidations to figure out what their problem is. Consolidations doesn't load the numbers or come up with them. They just make sure everyone submits on time and present the information to management and the street. Half their battle is just making sure Intercompany ties out and that people load a balanced trial balance. The actual results are the fault of the local teams.

In other words, don't blame the guy down stream for the shit you threw in the river. Yeah, he caught it and had to deal with it, but it's your ass causing the shitty situation.

When the numbers are loaded wrong, that lies on the shoulders of the people who loaded the detail and signed off on them... aka not consolidations.

And no, I'm not on the consolidations team, just deal with them a lot.

 

Relatively agree on Cons group, no beef here with them, it was the other poster. However, SB and KR aren't in consolidation, and don't think highly of them.

 

Anyone who thinks the accounting irregularities came from anywhere but the top is delusional. Nothing got booked without Mike, Howard and Tanya approving it. Everyone below that level are just Yes men & women. If they are guilty of anything it is not reporting potentially fraudulent entries but, then again, who can they complain to? The previous Board members though Mike was the greatest CEO ever and I'm sure they could justify anything they wanted to. Probably need to clear out a few of the senior/middle tier finance staff for appearances sake more than anything else. I also find it interesting that nobody has mentioned anything about the Tax department. I can't believe there isn't anything crazy going on there given the track record with everything else.