Media question: life under Valeant

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To #37. I am not complaining, I was simply clarifying what has changed with benefits. If you read and understand my post in regards to research, you would know that the major change I was pointing out was the QUALITY of workmanship that is availiable/not available now that we are working with the Valeant "model" of business! I could give specifics, however, I choose not to put a target on my back. I am not even a permanent employee anymore - I came back as a contractor (I guess because I'm a glutten for punishment!), so I get zero benefit.

I am okay with change and yes, I realize things were not going to stay the same at B+L once we became either public or were sold - I am not naive. What I had not hoped for was to be purchased by some hack of a company, called Valeant that would destroy the very foundation that B+L was built - innovation, science, and the value of life. I have already grown up, but you on the other hand, could use a few more years....
 












Hi

I was laid off from Valeant - I used to work in Finance in one of their non-US markets.

Positives:

Decentralization works in that decisions are able to be made locally and faster than going through management layers. Additionally, products can be chosen to suit that specific country's portfolio, rather than relying on pushdown of products which may not work effectively.

That's where the positives end however.

Leadership is awful. Leaders in my country and others where I still have friends from B&L are nothing more than corporate cowboys who don't consider the consequences of decisions. Particular to my country, a decision to change business model was made without due thought or attention. As a result, the implementation is due to run 9 months over expected timelines (this may still increase) and most of the staff who would have been able to support a hybrid business model have been laid off. This has impacted operations in that stock is not fully supplied to customers and debtors are outstanding for longer periods of time.

There is little effective compliance from a company management point of view. Policies tend to change often and, again, without due thought or attention.

Staff morale is low due to a combination of aggressive (and unethical) management styles, unrealistic expectations around workloads and bonuses not being paid in line with goals set at the beginning of the acquisition year.

Staff turnover is high 10 months after acquisition which points me towards how management hire or treat people.

Mike Pearson addressed both businesses after the acquisition announcement was made and gave some speech about selecting best of best across all positions. In my country there were approximately 45 staff. The lay offs read as follows:

B&L: 21
Valeant: 0

Finally, the fact that nobody really understands Valeant's accounting methodologies or why they seem to change them often, as well as why figures reported to SEC don't match those reported to shareholders only makes me think that it's only a matter of time before we see a big scandal or negative P&L adjustment. The smart money goes on a massive share-price drop over the next 5 years in my opinion.

On a personal note, leaving Valeant was one of the best things that ever happened to me. Good luck to those still there but keep in mind that you could be here today, gone tomorrow and with nothing in between.
 






So in response to #43, I feel for you my friend. I was not laid off but I left on my accord and I have ties in Europe and I am glad I left. I agree 100% with your assessment, however, we must heavily emphasize on Pearson and his lying mouth. He has lied at every turn of his corporate life from Medicis, to others, to BL and now to Allergan. I do not know if he is corrupt or not but if you are a liar then you can be everything else.
I hope when he dresses in the morning he sees someone else in the mirror, because if he sees himself, then he knows he is a asshole full of pussy ooze.
 












Great summary and oh so true....
We can see that the numbers Pearson tells the shareholders bears no relation to the real numbers seen by people within the company...
One day he will get found out and him and Schiller will be where they deserve...
 


















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