Allergan CEO Saunders Wins Vote to Keep Chairman Role

Source: Reuters

Allergan shareholders have voted down a nonbinding proposal that sought an immediate split of the roles of chairman and chief executive, with 61.3 percent of shareholders backing Chairman and CEO Brent Saunders, as reported by Reuters. 

Billionaire investor David Tepper’s hedge fund Appaloosa LP made the proposal, arguing that drugmaker Allergan currently has a questionable business strategy and excessive pay for executives.

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