CEO Robert Goldfarb is about to retire on March 31st and will be replaced by David Poppe. Sequoia shares plunged because of Valeant Pharmaceuticals Inc. stake.
The billionaire investor Mr. Ackman's Pershing Square Capital Management was one of the largest stock holders of Valeant Pharmaceuticals. Ackman has perceptively made his position in Valeant far more important by raising its stake from 5.7% to 9.9% recently. Now, Pershing is the second largest shareholder in Valeant followed by Sequoia Fund led by Ruane, Goldfarb and Cuniff.
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