Elanco Animal Health Incorporated (NYSE: ELAN) has announced the appointment of two new independent directors, Kathy Turner and Craig Wallace, to its board of directors, expanding the board to 14 members. Ms. Turner, who has significant global experience in the animal health and broader healthcare industries, brings with her senior leadership positions at Idexx Laboratories and various roles at Abbott Laboratories. On the other hand, Mr. Wallace, a well-respected animal health leader with over 30 years of executive experience, has held positions at companies such as Fort Dodge Animal Health, Trupanion, and Ceva.
In connection with this announcement, the company has entered into a cooperation agreement with Ancora Holdings Group LLC and its affiliates, containing customary standstill, voting, and other provisions. This agreement will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.
Elanco Chairman R. David Hoover expressed the company's pleasure in reaching an agreement with Ancora and looks forward to working with the newly appointed directors towards the common goal of progressing the company's robust and innovative pipeline and driving sustainable growth and value for shareholders.
The press release also highlighted the change in the board's finance, strategy, and oversight committee, which has been renamed to better reflect its charter and mandate. Ms. Turner and Mr. Wallace have joined this committee, and Elanco's President and CEO, Jeff Simmons, expressed confidence in their ability to be valuable additions to the board.
Frederick DiSanto, Chairman and Chief Executive Officer of Ancora Holdings Group LLC, also expressed satisfaction with the recent engagement with Elanco, stating that the addition of two pet healthcare experts to the board and its key committee focused on strategic planning aligns with their confidence in the steps taken regarding corporate governance and value creation.
As a result of these announcements, the company's shares have moved -0.9% on the market, and are now trading at a price of $16.14. If you want to know more, read the company's complete 8-K report here.
