We talked in SUNDAY ON THE HILL about the downfall of Valeant whose former CEO was enamored with deal-making, acquiring a vast array of companies in order to secure their intellectual property, but, in the process, racking up $32 billion in debt. (See SUNDAY ON THE HILL, pp 43-45 for a full discussion of those difficulties.) As we’ve discussed numerous times, once a company has hit rock bottom, it’s a slow and demanding process to climb back up. CEO Joseph Papa was hired in early 2016 to effect that turnaround. He recently cited the vast array of processes that he and his team has had to rebuild but also announced that the company has by this time returned to business-as-usual and is now on a path to recovery. The process has been 18 months in the works – that’s about the usual amount of time that it takes to initiate solid recovery for those who know what they’re doing with organizational change managerment – as CEO Papa clearly does.