J. Michael Pearson is a Canadian American pharmaceutical company executive, who was the chairman and CEO of the publicly traded Laval-based Valeant Pharmaceuticals International, until he was replaced in April 2016 by Joseph C. Papa. On April 27, 2016 Pearson, Bill Ackman and Howard Schiller appeared before the United States Senate Special Committee on Aging to answer concerns about the repercussions for patients and the health care system faced with Valeant’s business model.
Valeant Pharmaceuticals International:
Before taking over as Valeant CEO in 2008, Pearson worked for them as outside consultant in 2007. In 2008, Pearson began implementing his strategy by selling off portions of Valeant’s European business to Meda AB, In 2010, Valeant and the Canadian-headquartered company Biovail agreed to merge, with the resulting company being called Valeant and being headquartered in Ontario Pearson was named CEO of the new company and then, in March 2011, he was appointed chairman of the board. The Biovail merger, by headquartering the company in Canada, allowed the company to reduce its tax rate to approximately 5% Later, Valeant would be called upon to testify before Congress, along with Burger King, about how its tax inversion potentially gave it a competitive advantage over American companies. A New York Times article credits Pearson’s “tough tactics” for the financial success of the “fast-growing” Valeant Pharmaceuticals International. The article also highlights the criticism that Valeant Pharmaceuticals controversial strategy has attracted from patients finding themselves unable to afford drugs after price hikes by Valeant. This pricing controversy was originally raised when Senator Bernie Sanders and Representative Elijah Cummings sent a letter to Valeant seeking justification for huge price increases it took on two life-saving drugs, Nitropress and Isuprel. The company had raised the price of Isuprel by almost six times and the price of Nitropress by over three times. Shortly after, Democratic members of Congress attempted to subpoena Valeant for this information. As CEO, Pearson’s business strategy was to eliminate “risky and inefficient” Research and Development to the equivalent of “only 3 percent of its sales” whereas “traditional big drug companies spend 15 to 20 percent of sales on research and development”. Instead he acquired dozens of companies with existing drugs and saved money by laying off their employees. This model worked and Valeant’s stock price rose by over 1000%. By 2013, under Pearson’s tenure, Valeant was the largest pharmaceutical company in Canada. By 2015 Pearson had “nearly $3USD billion in stock and options” in Valeant, with “the potential to own hundreds of millions of dollars more.” Since Pearson became CEO Valeant shares “have returned more than 2,300 per cent” making Valeant the “most valuable” and the best performer on the Toronto Stock Exchange. By July 2015 Valeant’s market capitalization was $CDN 113-billion which is about $4-billion more than the Royal Bank of Canada. However, by October of that same year, following negative press about its pricing tactics and a particularly negative analyst report from Citron Research, Valeant’s stock dropped to approximately $CDN 78-billion.
In a conference call with Valeant investors on October 19, Pearson announced changes in Valeant’s business strategy. They will spend “more on research and development and less on acquisitions of smaller drug makers” and there will be “minimal price increases on its products” in 2016.
Pearson was hospitalized on December 25 and was treated for severe pneumonia. Valeant’s board created an office of the Chief Executive Officer to immediately take over his duties and a supporting committee to oversee the office of the CEO. The committee includes Robert Ingram, president of ValueAct Capital Mason Morfit and former Valeant CFO Howard Schiller. According to Reuters, following the announcement Valeant shares fell “10.5 percent to $102.14” on the New York Stock Exchange after its stock had already fallen more than 60 percent since August. Industry critics claim that since Valeant has suffered from credibility issues over the pricing controversy and is still not on solid ground, the company needs strong decisive leadership not a “cumbersome” committee.
On February 29, 2016, Pearson returned to the now controversial company. On March 15, shares in the company collapsed by 50 percent following a disastrous earnings call fronted by Pearson. On March 21, 2016 Valeant reported that CEO Pearson would be leaving the company, a decision reported by CNBC that “was not mutual”. The company also reported that former Chief Financial Officer Howard Schiller was to blame for “improper conduct” and requested he resign from the board of directors, which Mr. Schiller declined to do. “Circular Firing Squad Emerges” was how Piper Jaffray & Co analysts led by David Amsellem put it.
On April 13, 2016 it was announced that Pearson would be deposed from his position as CEO of Valeant on April 18, 2016. The removal was ordered by the Senate Special Committee on Aging who have been probing the soaring price of prescription drugs. Pearson initially fought the decision though Valeant’s board directed him to comply.
Valeant’s conversion to a Canadian company via the Valeant/Biovail merger in 2010 allowed the company to reduce its corporate tax rate to approximately 5%. Congress used Burger King and Valeant as examples of companies with tax advantages in a July 2015 investigation of corporate taxation. The investigation primarily focused on the advantage that foreign companies have in acquiring American companies due to their low tax rates and members of Congress suggested that many of the deals by foreign companies, including Valeant, relied upon tax advantages to be completed. During the testimony, Valeant CFO Howard Schiller stated that “Valeant does not take into account tax synergies in either identifying or pricing potential acquisition targets”, but articles suggested this was in contrast to previous comments made by Pearson, including a comment made during Valeant’s pursuit of Allergan in a hostile takeover attempt when he was quoted as saying “no other potential acquirer of Allergan has the…tax synergies we have”.
When pharmaceutical pricing tactics became a topic for the press and politicians in 2015, Valeant’s price increase history became a major focus, with investigations revealing that the company had taken substantial price increases on many products from 2013 through 2015, including two products that it acquired and then raised the price on substantially. In response to inquiries about these price increases, Valeant’s company spokesperson said “Our duty is to our shareholders and to maximize value”. This sentiment was later echoed by Pearson, who said “My primary responsibility is to Valeant shareholders. We can do anything we want to do”.
Pearson agreed to appear before a Senate committee investigating the matter in April 2016.
Many have accused Pearson’s strategy at Valeant of being a roll-up dependent on acquisitions and aggressive accounting tactics while others claim it is not. As Valeant’s debt reached roughly $30 billion by 2016 concerns continued to be raised about accounting practices. Notable critics of Valeant and its accounting practices include Jim Chanos, who predicted the fall of Enron, Herb Greenberg, John Hempton, Charlie Munger, Jim Grant, AZ Value Investing and Citron Research. Notable defenders of Valeant against these allegations include activist investors Bill Ackman and Jeffrey Ubben. Valeant defended itself against these allegations in an SEC filing in October 2015.
Pearson was the highest paid CEO in Canada in 2015, receiving US$182.9 million during a period when Valeant’s share price fell by 30%.
Mary F. Sammons (born 1954) is an American businesswoman who formerly served as the CEO, and is the former chairperson, of Rite Aid.
She was formerly the president and CEO of Fred Meyer.
Mary F. Sammons was born in 1954 and hails from Portland, Oregon. She graduated from Marylhurst College (now Marylhurst University) and St. Mary’s Academy.In 2009, Forbes named her the 21st most powerful woman in the world. She was formerly the president and CEO of Fred Meyer.
Masayoshi Son (born August 11, 1957) is a Japanese businessman and the founder and current chief executive officer of SoftBank, the chief executive officer of SoftBank Mobile, and current chairman of Sprint Corporation. According to Forbes magazine, Son’s estimated net worth is US $17 billion and he is the second-richest man in Japan, despite having the distinction of losing the most money in history (approximately $70 billion during the dot com crash of 2000). Forbes also describes him as a philanthropist.
Son was named the world’s 45th most powerful person by Forbes Magazine’s List of The World’s Most Powerful People in 2013.
Of Korean ethnicity, Son’s family adopted the Japanese surname Yasumoto in daily life and Son used this surname as a child. Son pursued his interests in business by securing a meeting with Japan McDonald’s president Den Fujita. Taking his advice, Son began studying English and computer science.
At age 16, Son moved to California and finished high school while staying with friends and family in South San Francisco. After spending two years at Holy Names University, he transferred to the University of California, Berkeley, in which he majored in economics and studied computer science. Enamored by a microchip featured in a magazine, Son at age 19 became confident that computer technology would ignite the next commercial revolution.
Convinced that anything related to microchips could yield a fortune, Son decided to produce at least one entrepreneurial idea a day. He patented a translating device that he eventually sold to Sharp Electronics for $1 million. Applications of the patent include the Wizard series of Sharp PDAs.
Son graduated from Berkeley with a BA in economics in 1980, and started Unison in Oakland, California, which has since been bought by Kyocera. In 1990, Son Masayoshi adopted Japanese citizenship.
Although SoftBank’s stake in Yahoo! had dwindled to 7%, Son established Yahoo! BroadBand in September 2001 with Yahoo! Japan in which he still owned a controlling interest. After a severe devaluation of SoftBank’s equity, Son was forced to focus his attention on Yahoo! BB and BB Phone. So far, SoftBank has accumulated about $1.3 billion in debt. Yet, Yahoo! BB acquired Japan Telecom, the then third largest broadband and landline provider with 600,000 residential and 170,000 commercial subscribers. Yahoo! BB is now Japan’s leading broadband provider.
Vodafone K. K.:
On March 17, 2006, Vodafone Group announced it had agreed to sell Vodafone K.K. to SoftBank for approximately 1.75 trillion Japanese yen (approximately US$ 15.1 billion). On April 14, 2006, SoftBank and Vodafone K. K. jointly announced, that the brand and company name Vodafone will be changed to a “new, easy-to-understand and familiar company name and brand”. Masayoshi Son is the CEO (Representative Director) of Vodafone K. K.
Through SoftBank Masayoshi Son bought 76% in Sprint. SoftBank has further accumulated shares in Sprint (S); to about 80% ownership.
Investment in Solar Power:
In response to the Fukushima Daiichi nuclear disaster in 2011, Masayoshi Son criticized the nuclear industry for creating “the problem that worries Japanese the most today”, and engaged in investing in a nationwide solar power network for Japan.
In 2011 Masayoshi Son pledged to donate 10 billion yen ($120 million) and his remaining salary until retirement to help support victims of 2011 Tōhoku earthquake and tsunami.
Madhav Sheth was born in 21st April 1980. He is the fellow benefactor, VP, and (CEO) of realme India and Europe. He is from Mumbai, Maharashtra, India.
As the realme CEO, Sheth starts his day with a daily agenda for a coordinated beginning to the day and associate with significant groups for instructions through Microsoft Teams or Zoom. His initiative spotlights in building deft groups that can rapidly grasp the changing business sector esteems and execute them inside the item advancement and conveyance dimension. Under Sheth’s administration, realme expanded its gifts to noble cause, particularly during the Covid-19 pandemic in India.
He concentrated in St. Xavier’s College and accepted four year certification in Business, Management and Marketing from the SVKM’s Narsee Monjee Institute of Management Studies (NMIMS), Mumbai. He accepted graduate degree in Business Administration and Management from Harvard Business School and is a graduated class of something very similar. He lives in Gurgaon, India with family. He likes to play squash and read to loosen up, particularly books on Steve Jobs. He rehearses yoga and contemplation for work-life balance. In the post-pandemic world, Sheth feels the lockdown was the ideal chance to become familiar with another expertise and overhaul oneself.
Sheth started his profession as a team lead for a very long time with the Priory Business Group in the United States. He joined Perfect Communications (India) in 2008 as a business chief and left as its CEO in 2016. That very year, he joined Oppo as its business chief where he zeroed in principally on the web and disconnected deals expansion.
On 4th May 2018, Sheth helped to establish realme with Sky (Li Bingzhong), the previous VP of Oppo. He turned into the CEO of realme India and Europe, trailed by being the VP of realme since 2019. He initiates realme’s technique improvement, market development, item designing, and brand acknowledgment initiatives. Under Sheth’s authority, realme has become the fourth biggest cell phone brand in India, as per International Data Corporation (IDC) and Counterpoint Research. Sheth is a visitor reporter in different eminent public and global distributions like Forbes (India), Times of India, Fortune, Economic Times, and Hindustan Times. He was won Most Influential 40 Under 40 – Businessworld grant in 2019, and Emerging Global Leader of the Year – Jagran HiTech Awards in 2020. In 2021 he win 25 Most Influential Young Indians – GQ India.
Makoto Uchida was born into the world in 20th July, 1966. He is a Japanese financial specialist who is the current CEO of the Nissan Motor Company, Ltd. Uchida moved on from Doshisha University in 1991 with a degree in Theology. After he graduated, Uchida joined Nissho Iwai (presently Sojitz), a sogo shosha (general exchanging organization) situated in Tokyo, in April 1991.
He joined Nissan without precedent for October 2003, and was named chief in October 2006. In September 2012, he left Nissan to join Renault Samsung Motors for under 2 years. He then re-joined Nissan as a Program Director in April 2014. His Nissan chief vocation began in November 2016 when he was named Corporate VP of the Alliance Purchasing division. He became President of Dongfeng Motor Co., Ltd. furthermore, Senior VP in April 2018. After one year, in April 2019, he was additionally named Chairman of the Management Committee for China. In October 2019, Uchida was collectively picked by the top managerial staff to turn into the new Nissan CEO, getting to work on December 1, 2019.
MARK ELLIOT ZUCKERBERG is CEO of Facebook. He is an American media financier, web business person, and philanthropist. He is known for helping to establish Facebook, Inc. and serves as its administrator, CEO, and controlling shareholder. He additionally of the solar sail spacecraft advancement project Breakthrough Starshot and fills in as one of its board members. Zuckerberg went to Harvard University, where he launch the Facebook social networking administration from his quarters room on 4th February, 2004, with school roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes
ZUCKERBURG was born in 14th May, 1984 in White Plains, New York, Raised Jewish, Zuckerberg once recognized as atheist has since re-examined his perspectives. In 2016, he said: “I was raised Jewish and afterward I went through a period where I questioned things, yet now I accept religion is vital. He meet his future spouse, individual Harvard understudy Priscilla Chan, at an organization party during his sophomore year there. They started dating in 2003. In September 2010, Chan welcomed by Zuckerberg, by then a clinical understudy at the University of California, San Francisco to move into his leased Palo Alto house. He read Mandarin in anticipation of the couple’s visit to China in December 2010. On 19 May, 2012, they wedded in his backyard in an occasion that additionally celebrate her graduation from clinical school. On 31 July, 2015, Zuckerberg declared that they were anticipating a child baby girl and uncovered that Chan had experience three unnatural birth cycles already. On 1 December, Zuckerberg declared the introduction of their girl, Maxima Chan Zuckerberg Their subsequent little girl, August, was born into the world in August 2017
On 4 February, 2004, Zuckerberg launch Facebook from his Harvard quarters room. A prior motivation for Facebook may have come from Phillips Exeter Academy, the private academy from which Zuckerberg graduated in 2002. It distributed its own understudy index, “The Photo Address Book”, which understudies refer to as “The Facebook”. Such photograph indexes were a significant piece of the student social involvement with many private schools. With them, student had the option to list attributes like their class years, their companions, and their phone numbers.
Marissa Ann Mayer was born in 30th May, 1975 in Wausau, Wisconsin, the girl of Margaret Mayer, an art educator of Finnish descent, and Michael Mayer, a environment specialist who worked for water organizations. He is an American businesswomen and financial backer. She is a data innovation leader, and prime supporter of Sunshine Contact. Mayer previously filled in as the president and CEO of Yahoo!, a position she held from July 2012. It was reported in January 2017 that she would venture down from the organization’s load up upon the offer of Yahoo’s! Working business to Verizon Communications for $4.8 billion. She would not join the recently consolidated organization, presently called Verizon Media (in the past Oath), and declared her acquiescence on June 13, 2017. She is an alum of Stanford University and was a long-lasting chief, ease of use pioneer, and key representative for Google (worker #20).
Mayer wedded attorney and financial investor Zachary Bogue on 12th December, 2009. On the day Yahoo! reported her employing, Mayer uncovered that she was pregnant; she gave birth a child kid on 30th September, 2012. Although she asked child name ideas by means of social media, she in the end picked the name Macallister from a current list. On December 10, 2015, Mayer declared that she had brought forth indistinguishable twin girls,Marielle and Sylvana. Mayer is Lutheran, yet she has said—referring to Vince Lombardi’s “Your God, your family and the Green Bay Packers”— that her needs are “God, family and Yahoo!, aside from I’m not that strict, so it’s actually family and Yahoo!.” She has a youthful sibling. She would later depict herself as having been “agonizingly bashful” as a kid and teen. She “never had less than one after-school action each day,” partaking in artful dance, ice-skating, piano, swimming, discussion, and Brownies. During center school and secondary school, she took piano and artful dance exercises, the last of which showed her “analysis and order, balance, and certainty”. At an early age, she showed an interest in math and science.
Subsequent to moving on from Stanford, Mayer got 14 occupation job offers, including a showing position at Carnegie Mellon University and a counseling position at McKinsey and Company. She joined Google in 1999 as worker number 20. On 16th July, 2012, Mayer was appointed president and CEO of Yahoo!, viable the next day. She was likewise an individual from the organization’s top managerial staff directors. At the time of her appointment, Yahoo’s numbers had been falling behind those of Google for longer than a year and the organization had experienced a few top administration changes. To improve on the administrative interaction and “make the way of life the best form of itself”, Mayer dispatched another online program called PB&J. It gathers representative grievances, just as their decisions on issues in the workplace; if an issue produces something like 50 votes, online administration consequently explores the matter. In February 2013, Mayer regulated a significant work force strategy change at Yahoo! that necessary all distant working representatives to change over to in-office rolls. Mayer has been criticized for a large number of her administration choices in pieces by The New York Times and The New Yorker.
Marry Teresa Barra was born in December 24, 1961 in Royal Oak, Michigan to parents of Finnish descent. She is an American businesswoman who has been the director and CEO of General Motors Company since January 15, 2014. Before being named CEO, Barra filled in as the chief VP of Global Product Development, Purchasing, and Supply Chain at General Motors. She is the first female CEO of a ‘Major Three’ automaker. On December 10, 2013, GM named her to succeed Daniel Akerson as CEO.
Barra is married to expert Tony Barra, whom she met while learning at Kettering University, and has two youngsters and two pet dogs. She has named the Chevrolet Camaro and the Pontiac Firebird as her #1 favorite vehicles they live in Northville, a suburb of Detroit. She likewise claims an apartment in Downtown Detroit. Barra can talk little Finnish.
Barra began working for General Motors in 1980 as a co-op student, when she was 18 years of age. In February 2008, she became VP of Global Manufacturing Engineering. In July 2009, she progressed to the situation of VP of Global Human Resources, which she held until February 2011, when she was named leader VP of Global Product Development. At the point when Barra took over as CEO of General Motors in January 2014, she turned into the first female top of an auto producer.
Masayoshi Son was born in 11 August 1957 in Tosu a city in the eastern piece of Saga Prefecture on the island of Kyushu, Japan. Son is a third generation “Zainichi Korean”, which are ethnic Koreans with perpetual residency or citizenship in Japan. Son’s granddad moved from Daegu to Japan during the Japanese provincial time frame. His grand dad is Son Jong-kyung and his dad is Son Sam-heon. Son Jeong-ui was born as the second son of four sons. Son’s mom is additionally a Korean. He is a Japanese billionaire innovation business visionary, financial backer and donor. He was a third era “Zainichi Korean”, he naturalized as a Japanese resident in 1990. He is the originator and (CEO) of the Japanese holding organization SoftBank, CEO of SoftBank Mobile and director of UK-based Arm Holdings. Son was named the world’s 45th most powerful individual by Forbes Magazine’s List of The World’s Most Powerful People. As of July 2020, Son positions 32nd on the Forbes rundown of The World’s Billionaires 2020.
Son met his wife, Masami Ohno, while in college. They have two daughters. He lives in Tokyo in a three-story mansion that is esteemed at $50 million and that has a golf range with innovation to imitate the climate conditions and temperature of the world’s top greens. He has likewise purchased a home close to Silicon Valley in Woodside, California, that cost him $117 million. He possesses the SoftBank Hawks, an expert Japanese baseball team. Son has three siblings and is the second most established of the kin. His most youthful sibling, Taizo Son, is a sequential business person and financial backer, having established GungHo Online Entertainment and the investment firm Mistletoe.
Son was an early financial backer in web firms, purchasing a portion of Yahoo! in 1995 and putting a $20 million stake into Alibaba in 1999. Son’s holding organization SoftBank possesses 29.5% of Alibaba, which is worth around $108.7 billion starting at 23 October 2018. In July 2016, SoftBank reported designs to gain Arm Holdings for £23.4 billion ($31.4 billion) which would be the biggest at any point acquisition of an European innovation organization. In September 2016, SoftBank reported that the exchange was finished. The absolute obtaining cost was around £24 billion ($34 billion). Because of the Fukushima Daiichi atomic disaster in 2011, Masayoshi Son condemned the atomic business for making “the issue that stresses Japanese the most today” and occupied with putting resources into a cross country sunlight based force network for Japan.
Matthew Charles Mullenweg was born in 11th January, 1984 in Houston, Texas, and went to the High School for the Performing and Visual Arts where he considered jazz saxophone. He is an American business enterpreneur and web engineer living in Houston. He is known for fostering the free and open-source web programming WordPress, presently oversaw by The WordPress Foundation. Subsequent to exiting the University of Houston, he worked at CNET Networks from 2004 to 2006 until he quit and established Automattic, a web organization whose brands incorporate WordPress.com, Akismet, Gravatar, VaultPress, IntenseDebate, Crowdsignal, and Tumblr.
He learned at the University of Houston, studying Political Science, before he exited in 2004 to seek after a task at CNET Networks. Mullenweg is a Dvorak Keyboard client and can type more than 120 wpm. He is on the leading group of Grist.org, the author/head of the WordPress Foundation, and is the solitary non-organization significant level backer of the Apache Software Foundation. He is likewise an individual from The Well at the non-benefit “Charity: Water” association (with which he headed out to Ethiopia in February 2012) where he upholds giving spotless and safe drinking water to individuals in agricultural countries. For his 28th birthday celebration he began a mission which raised more than $28,000 for the cause, and afterward more than $44,000 for his 30th. Mullenweg was a significant ally of The Bay Lights project, both as the main giver and later assisting with completing the task with a second $1.5 million gift.
In January 2003, Mullenweg and Mike little began WordPress from the b2 codebase. They were before long joined by unique b2 engineer Michel Valdrighi. Mullenweg was 19 years of age, and a green bean at the University of Houston at that point. He helped to establish the Global Multimedia Protocols Group (GMPG) in March 2004 with Eric Meyer and Tantek Çelik. GMPG composed the first of the Microformats. In April 2004, with individual WordPress engineer, they dispatched Ping-O-Matic, a center point for advising blog web crawlers like Technorati about blog refreshes. The next month, WordPress contender Movable Type declared an extreme value change, driving great many clients to look for another publishing content to a blog stage; this is generally seen as the tipping point for WordPress. He exited school and moved to San Francisco from Houston, Texas, the next month. Mullenweg reported bbPress in December, Mullenweg and the WordPress group delivered WordPress 1.5 “Strayhorn” in February 2005, which had more than 900,000 downloads. The release presented their theme system, moderation features, and an update of the front and back end. ince 2005, Mullenweg has been a regular featured discussion/speaker at meetings/events, including worldwide WordCamp events, SxSW, Web 2.0 Summit, YCombinator’s Startup School, Le Web, Lean Startup Conference, and the International World Wide Web Conference etc. From 2017 to 2019, Mullenweg additionally filled in as a board part for GitLab, Inc.