Valeo Pharma Inc. has announced that the company’s Chief Development Officer, Al Moghaddam, has been appointed to succeed retiring CEO Steve Saviuk.

Saviuk will remain on Valeo’s Board of Directors and assume the role of Chairman. Richard J. MacKay will step down from his role as Chairman of the Board and will remain a Board member.

“I am enthusiastic to take on the role of CEO of Valeo and lead a talented and dedicated team. Over the past nine months, the company has undergone a transformational restructuring to accelerate its progress towards profitability and continue its development as a leading Canadian pharmaceutical company”, said Al Moghaddam, Valeo’s new CEO. “We have a solid portfolio of innovative products with continued growth potential which we plan to expand upon as we seek to acquire/ in-license additional market ready products”.

“We are very pleased with the appointment of Al as CEO. He has the entrepreneurial drive and extensive pharmaceutical background encompassing, commercial operations, strategy, business development and financing, necessary to complete Valeo’s transformation”, said Steve Saviuk.

“Valeo has grown considerably over the 5 years of my being Chairman. I have had the opportunity and pleasure to work with some talented people within the Company and on the Board and I look forward to continuing to provide guidance in my Board member role”, said Richard J. MacKay, Board member of the company.