Aug 18 Botox-maker Allergan Inc, which is trying to fight off a hostile takeover bid from Valeant Pharmaceuticals Inc , said its chief financial officer, Jeff Edwards, was stepping down for family reasons and would be replaced immediately by 30-year company veteran Jim Hindman.
Allergan on Monday said Edwards, who has been CFO for nine of his 21 years with the company, had informed it in February of his interest in giving up his post later in 2014 in order to commit more time to his family. He will remain with Allergan in a nonexecutive capacity, as Hindman transitions into the job.
Since 2002, Hindman has served as senior vice president of Treasury, Risk and Investor Relations, after serving as controller and in other financial roles with the Irvine, California-based company.
Chief Executive Officer David Pyott said in a news release that Hindman had played an especially important leadership role in recent months. But Pyott did not mention Valeant, which on April 22 teamed up with billionaire investor William Ackman to make an unsolicited $47 billion bid for Allergan.
After twice boosting their bid, and adjusting for the declining value in recent months of Valeant shares, the bid is now valued at $48 billion. (Reporting by Ransdell Pierson in New York; editing by Matthew Lewis)