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Allergan Acquiesces To Activist Appaloosa With CEO-Chairman Role Split, But Not Yet

 
• By Mandy Jackson

Allergan will split the CEO and chairman roles as requested by Appaloosa, but only in the next leadership transition. The activist shareholder fired back with renewed opposition to leaving Brent Saunders in both top jobs.

two horses running and playing in the snow in winter, American appaloosa, Kazakh breed, spotted horse - Image

Allergan PLC finally gave in to activist investor Appaloosa LP's demand that the pharma's CEO and chairman roles be separated, but the decision to give those roles to two different people won't go into effect until current CEO and Chairman Brent Saunders leaves the company.

Allergan announced the decision on March 22 as it filed proxy materials with the US Securities and Exchange Commission (SEC) in support of matters subject to vote at a May 1 shareholder meeting, including a proposal by Appaloosa to immediately split the CEO and chairman roles

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