Investment firm hurt by Valeant stake says CEO is retiring

NEW YORK (AP) — The CEO of a firm with the largest stake in troubled Valeant Pharmaceuticals is retiring after punishing losses due to that investment.

While Bill Ackman's Pershing Square Capital Management has been the public face of Valeant investor pain, Ruane, Cunniff & Goldfarb holds a 10.4 percent stake in the drug company, compared with Pershing's 9 percent.

According to the company, over 45 years through 2015, it has had a return of 14 percent per year.