J. Michael Pearson

$1.00 B

Ranked #1741 in World

About J. Michael Pearson

J. Michael Pearson, a notable figure in the pharmaceutical industry, spearheaded Valeant Pharmaceuticals International as its CEO and chairman before his ouster in April 2016 due to a scandal related to drug pricing. Born in 1959 in London, Ontario, and having ascended through the ranks of McKinsey & Company, Pearson led Valeant through significant transformations, including a merger with Biovail in 2010, which controversially lowered the company's tax rate to around 5%. His tenure, however, was marred by allegations of aggressive accounting tactics and unethical drug pricing, culminating in a settlement with the SEC for misstating revenue. Beyond his career, Pearson's philanthropic efforts include substantial donations to Duke University, amid personal challenges including a high-profile divorce. His son Morgan Pearson clinched an Olympic silver in the 2021 Tokyo Games.

Born

January 01, 1960 in London, Ontario, Canada

Age

66 years

Source Of Wealth

Pharmaceuticals

Industries

Healthcare

Citizenship

Canada

Residence

New Vernon, NJ

Education

Bachelor of Arts / Science, Duke University; Bachelor of Engineering, Duke University; Master of Business Administration, Darden School of Business

Spouse

Christine Pearson

Children

J. Michael Pearson was born in 1959 in London, Ontario, Canada. His father worked for Bell Canada and McKinsey & Company. At the age of 12, Pearson moved to New Jersey. He graduated summa cum laude from Duke University in 1981 with a Bachelor of Science and a Bachelor of Science in Engineering. Pearson then went on to earn an MBA from the University of Virginia Darden Graduate School of Business Administration.

J. Michael Pearson: Family

J. Michael Pearson is married to Christine Siegler and they have four children together. In 2013, Christine filed for divorce after Pearson appeared with another woman in a Florida magazine. Pearson's son, Morgan Pearson, won an Olympic silver medal in the triathlon mixed team relay at the 2021 Tokyo Olympic Games.

J. Michael Pearson: Career Highlights

Pearson joined McKinsey & Company in 1985 and rose to the position of director. In 2007, he worked as an outside consultant for Valeant Pharmaceuticals. Pearson became the CEO of Valeant Pharmaceuticals in 2008. He implemented a strategy of selling parts of Valeant's European business and led the merger with Canadian company Biovail in 2010. The merger formed Valeant with headquarters in Mississauga, Ontario. Pearson was appointed CEO of the new company and chairman of the board in March 2011.

J. Michael Pearson: Companies

J. Michael Pearson has held leadership positions at the following companies:

McKinsey & Company
Valeant Pharmaceuticals International

J. Michael Pearson: Major Achievements

Pearson's major achievements include:

Leading the merger between Valeant Pharmaceuticals and Biovail
Reducing Valeant's tax rate to approximately 5% through the Biovail merger
Growing Valeant's revenue from $1.4 billion in 2008 to $12.5 billion in 2015

J. Michael Pearson: Awards & Achievements

Pearson has received the following awards and achievements:

Duke University School of Nursing Distinguished Alumnus Award (2011)
University of Virginia Darden School of Business Distinguished Alumnus Award (2014)

J.
Michael Pearson: Personal Life & Legacy

Pearson is known for his aggressive business tactics and his focus on shareholder value. He has been criticized for his high executive compensation and for the company's controversial pricing practices. However, he is also credited with turning Valeant Pharmaceuticals into a global pharmaceutical powerhouse.

J. Michael Pearson: Trivia

Here are some interesting facts about J. Michael Pearson:

Pearson is a dual citizen of Canada and the United States.
He is a licensed pilot and enjoys flying his own plane.
Pearson is an avid art collector and has a collection of over 1,000 pieces.
He is a member of the board of directors of several charitable organizations, including the Duke University School of Nursing and the University of Virginia Darden School of Business.

Wealth History

Timeline

1959

J. Michael Pearson is born in London, Ontario, Canada.

1981

Pearson graduates summa cum laude from Duke University with a BS and BSE.

1985

Pearson joins McKinsey & Company and rises to the position of director.

2007

Pearson becomes an outside consultant for Valeant Pharmaceuticals.

2008

Pearson becomes CEO of Valeant Pharmaceuticals.

2010

Valeant merges with Canadian company Biovail, forming Valeant with headquarters in Mississauga, Ontario.

March 2011

Pearson is appointed CEO of the new company and chairman of the board.

2013-2015

Valeant's substantial price increases on products come under fire.

April 2016

Pearson agrees to appear before a US Senate committee investigating the matter.

2021

Pearson's son, Morgan Pearson, wins an Olympic silver medal in the triathlon mixed team relay at the Tokyo Olympic Games.

J. Michael Pearson : FAQs

What is J. Michael Pearson's net worth?

As of 2015, J. Michael Pearson's net worth was $1.00 billion.

What are J. Michael Pearson's main sources of wealth?

J. Michael Pearson's main source of income comes from Pharmaceuticals.

In which industry does J. Michael Pearson primarily operate?

J. Michael Pearson is primarily involved in the Healthcare industry.

What is J. Michael Pearson educational background?

J. Michael Pearson holds a Bachelor of Arts / Science from Duke University, a Bachelor of Engineering from Duke University and a Master of Business Administration from Darden School of Business.

How old is J. Michael Pearson?

J. Michael Pearson is 66 years old.

How many children does J. Michael Pearson have?

J. Michael Pearson has 4 children.

Who is J. Michael Pearson and what significant role did he play in the pharmaceutical industry?

J. Michael Pearson is a Canadian American executive known for his former position as chairman and CEO of Valeant Pharmaceuticals International. He was ousted in April 2016 following scrutiny over pharmaceutical pricing practices.

What led to J. Michael Pearson's expulsion from Valeant Pharmaceuticals?

Pearson was ousted from Valeant Pharmaceuticals in April 2016 after Citron Research published a report criticizing the company's pharmaceutical pricing strategy, leading to significant controversy around the company's business practices.

How did J. Michael Pearson contribute to Valeant's growth and controversy?

As CEO, Pearson implemented a strategy focusing on divestitures and mergers, notably merging with Biovail in 2010. This, along with aggressive pharmaceutical pricing and accounting tactics, fueled the company's rapid growth and subsequent controversies, including scrutiny over tax and pricing strategies.

What were the major controversies surrounding Valeant Pharmaceuticals under Pearson's leadership?

Under Pearson, Valeant faced controversies over its tax inversion strategy with Biovail, aggressive pharmaceutical pricing, and questionable accounting practices. These issues prompted investigations, criticism, and ultimately led to Pearson's departure from the company.

How has J. Michael Pearson contributed to education through philanthropy?

J. Michael Pearson has made significant philanthropic contributions to education, including donating $15 million to Duke University School of Nursing in 2011 and $30 million to Duke's Edmund T. Pratt Jr. School of Engineering in 2014, showcasing his commitment to supporting educational institutions.