Perrigo Company (NYSE:PRGO; TASE:PRGO) has announced major changes on its board of directors following an agreement with activist investor Starboard LP. Under the terms of the deal, five directors will step down including former Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) CEO Shlomo Yanai.
Jeffrey Smith, Starboard's CEO and Chief Investment Officer, Bradley Alford and Jeffrey Kindler have been appointed to the Perrigo Board, effective immediately. The investor, which owns a 6.7% stake in Perrigo, will recommend two additional independent directors at a later date.
In addition to Yanai, Herman Morris, Michael Jandernoa, and Gary Kunkle will step down from the Board effective immediately. The board will have 10 members until the appointment of another director. At that point, Ellen Hoffing will step down to make way for a final Starboard candidate.
Published by Globes [online], Israel business news - www.globes-online.com - on February 8, 2017
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