Working as senior vice president and controller and chief accounting officer for Bausch Health isn’t Sam Eldessouky’s first rodeo. In fact, he’s been in the business for over twenty years. Throughout his tenure, he’s become comfortable with transformation, coming up with solutions to update health systems at the same pace as they change—just ask Tyco International. His onboarding at Bausch Health created the perfect transition for Eldessouky, and subsequently for the company.
Eldessouky joined Bausch Health, formerly known as Valeant Pharmaceuticals International, in May 2016. Onboarded as the senior vice president and corporate controller, Eldessouky directs global accounting and financial reporting activities. He also leads global accounting function to enhance the monthly closes, consolidations, controls and reporting processes, as well as handles various finance functions.
“Sam is an experienced professional with a proven track record of delivering results in a complex, global public company, and we’re pleased to have him lead Valeant’s financial reporting efforts going forward,” said Robert Rosiello, former executive vice president and chief financial officer at Bausch Health.
In addition to his knack for thriving in change, his more than twenty years of experience has lent Eldessouky skills that have enhanced his leadership methods immensely, namely his ability to tackle any problem posed to him by homing in on his breadth of experience in several departments and specialties.In 1994, Eldessouky devoted ten years to PricewaterhouseCoopers (PWC) where he was providing support on complex accounting issues. Shifting gears in 2004, Eldessouky joined Tyco International, following the resignation of the former CEO, as vice president and assistant controller where he oversaw various financial reports and accounts to say the least. Hired by Tyco to lead the accounting research and policy group, he played a prominent role in designing and executing the vision of the accounting research function, and policy and training structure.
Hungry for more responsibility, Eldessouky was eventually appointed senior vice president controller and chief accounting officer at Tyco International. While maintaining this position, he led transformation efforts to redesign the controller’s organization and implemented the enterprise performance management framework. During his time at Tyco, the company went on to receive the Shared Services and Outsourcing Network 2014 Value Creation Excellence Award, which recognized various transformation achievements.
“Sam is a true change-agent, a thought leader and an innovator—the consummate finance professional,” says Neri Bukspan, Americas Accounting, Reporting, and Governance Leader Financial Accounting Advisory Services at EY. “I’ve had the privilege to work closely with Sam during good times as well as some more challenging ones. His ability to navigate both waters calmly and proactively energize his teams and catalyze change in his organizations during the times it was most needed. What is most notable about Sam, he is first and foremost a family and people person, a coach and a mentor to his team and to his professional relationships—many of whom in turn are inspired to follow him as his career progresses.”
When Eldessouky joined Bausch Health, he followed his past trends of appointment, following another resignation of the former executive vice president. During his time of hire, Bausch Health had admitted improper conduct by two employees after a string of controversies. As such, Eldessouky had not only been onboarded as vice president but also as a new hope and vision for the future of the health system.
“Financial reporting remains a key area of focus for us, and we look forward to Sam’s contributions as we enhance and bolster our reporting structure and policies, and rebuild trust among investors,” said Joseph C. Papa, chairman and CEO at Bausch Health, in a press release when Eldessouky was hired.
Following the hiring of Eldessouky, Valeant Pharmaceuticals International changed its name in 2018 to Bausch Health Companies to start anew despite previous controversies and to parallel their well-known and respected subsidiary eye company, Bausch + Lomb. Since the rebranding, Bausch Health Companies also trades under a new name, BHC, with a new logo and website that highlights its dedication to healing and innovation inside and outside its community.
Post-rebranding, Bausch Health has reported a total revenue increase for the first quarter of 2019 at $2.016 billion, compared to the first quarter of 2018 at $1.995 billion, recently earning it a number two rating on the Zacks Investment Research Rank system of winning stocks with regard to both earning estimates and estimate revisions.
“With nearly 60 percent of our revenues coming from a diversified mix of medical devices, OTC products, and prescription and branded generic products that are not exposed to the US-branded prescription drug pricing environment, we believe that Bausch Health is uniquely positioned to grow in healthcare,” says Papa in a Bausch Health news statement.