Split up the chair­man/CEO role at Al­ler­gan — ac­tivist in­vestor; Zo­genix files for FDA, EMA ap­proval of seizure drug

→ Cit­ing Al­ler­gan’s “chron­ic un­der­per­for­mance” un­der Brett Saun­ders — the cur­rent board chair­man and CEO — in­vestor David Tep­per has once again called for the two roles to be split up. Tep­per, founder and pres­i­dent of the hedge fund Ap­paloosa, sug­gest­ed in an open let­ter that a sea­soned in­de­pen­dent chair “could ex­ert a fa­vor­able in­flu­ence on ex­ec­u­tive de­ci­sion-mak­ing, the record for which has been fraught with ill-con­sid­ered ini­tia­tives and self-in­flict­ed wounds for sev­er­al years now.” Ap­paloosa holds about 1% of the com­pa­ny.

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