Allergan promises independent board chair in next leadership change
Reuters
Published Mar 22, 2019 06:19PM ET
Allergan promises independent board chair in next leadership change
(Reuters) - Allergan (NYSE:AGN) Plc plans to elect an independent board chairman, starting with the next leadership transition, the Botox maker said on Friday, as the drugmaker responds to calls from hedge fund Appaloosa LP to separate the roles of chairman and chief executive officer.
Appaloosa, led by billionaire David Tepper, has been pressing Allergan since last year to separate the roles, but the company has said it would do so only when the person who now holds the positions is replaced.
Brent Saunders currently holds the roles, and Allergan has said implementing Appaloosa's recommendations would be "highly disruptive" to the company's operations and impact his ability to continue to execute its current strategy.
Allergan also said https://www.sec.gov/Archives/edgar/data/1578845/000119312519083731/d633114d8k.htm in a regulatory filing on Friday that it had formed a committee to oversee mergers, acquisitions, divestitures and other transactions.
The company also named Thomas Freyman as the chair of the compensation committee, replacing Catherine Klema, who will not be standing for re-election.
A spokesman for Tepper did not immediately respond to a request for comment.
The company in February had named former CEO of drugmaker Celgene (NASDAQ:CELG), Robert Hugin, as a director, saying the appointment reflected its commitment to "active board refreshment".
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.