NEW YORK--(BUSINESS WIRE)--Appaloosa LP today issued a statement following Allergan plc’s (NYSE: AGN) (“Allergan”) Annual General Meeting of Shareholders on May 1, 2019 regarding Allergan shareholder’s vote on Appaloosa’s proposal to separate the Chairman and CEO roles.
“Allergan shareholders are clearly dissatisfied with management’s performance, business strategy and board oversight, as nearly 40% of voting shareholders want more pressing change than what the Board is offering. It is incumbent on Allergan’s Board to address these shareholder concerns with concrete actions. Appaloosa continues to believe that separating the roles of Chairman and CEO is a necessary initial step toward arresting the steady decline of what was once a great company. We look forward to Allergan detailing the tangible steps the Board intends to take in order to begin the process of restoring credibility and value for its shareholders.”