UPDATE 3-Appaloosa steps up pressure on Allergan to split chairman, CEO roles [Reuters (UK)]
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Source: Reuters
Appaloosa steps up pressure on Allergan to split chairman, CEO roles | Reuters 3 Min Read BOSTON (Reuters) - Hedge fund Appaloosa LP on Tuesday urged pharmaceutical company Allergan Plc to split its chairman and chief executive roles, arguing that an independent chair could help CEO Brent Saunders boost the company’s sagging share price. Appaloosa’s billionaire founder David Tepper turned up the heat on the Botox maker one week after the company delivered disappointing earnings and shelved plans to sell its women’s health business, which it had put on the block in May. “In the wake of last Tuesday’s earnings call ... it should by now be readily apparent to all interested and responsible parties that Allergan requires a fresh approach,” Tepper wrote in a letter made public on Tuesday. “We believed that the introduction of a seasoned independent Chairman with extensive pharmaceutical experience could exert a favorable influence on executive decision-making,” the letter said. Allergan’s
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