Why Shares of Bausch Health Companies Fell Tuesday
Shares of Bausch Health Companies (NYSE: BHC) were down more than 9.5% as of 12:30 p.m. ET on Tuesday after the company announced that Chief Financial Officer Tom Vadaketh was departing and the company had a CFO transition plan. The healthcare company's stock is still up more than 20% so far this year.
Bausch Health is a pharmaceutical company that specializes in therapies to treat gastroenterology, hepatology, neurology, dermatology, and eye health. Vadaketh joined Bausch in October 2021. He is leaving to take on the CFO role at Enviri, which provides environmental solutions for industrial and specialty waste streams. He begins his new job on Oct. 16. If a replacement isn't found by then, Bausch said it will appoint John S. Barresi, the company's senior vice president, controller, and chief accounting officer, to be interim CFO.
Vadaketh's departure worried investors, not so much because it seemed to be a harbinger of a dire situation but because the company has shown recent financial improvement and now is losing one of the architects of that rise.
Source Fool.com
