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PHOTO FILE: Brent Saunders, CEO of Allergan, gives an interview on the NYSE on April 6, 2016. REUTERS / Brendan McDermid
NEW YORK (Reuters) – Shareholders of Allergan Plc rejected the proposal to immediately split the roles of chairman of the board and chairman of the board, Brent Saunders, with 61.3 percent of shareholders.
The hedge fund Appaloosa LP, billionaire investor David Tepper, made this proposal, saying that Allergan currently had a questionable trading strategy and excessive remuneration for the executives.
Voting consulting firms supported maintaining the current structure.
Reuters had announced Tuesday that enough votes had been secured for Allergan to defeat Appaloosa.
(The story corrects to show that 61.3% of shareholders supported the CEO)
Report by Michael Erman in New York and Saumya Sibi Joseph in Bengaluru; Edited by Saumyadeb Chakrabarty
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