Indivior PLC has announced significant changes to its Board of Directors. The company will reduce the size of its Board to seven directors as of the 2025 Annual General Meeting, each of whom will stand for re-election at the upcoming AGM. This decision is a result of further discussions with Oaktree Capital Management L.P., which advises certain funds that own ordinary shares of Indivior.
In line with the company's switch to a US primary listing in 2024, Peter Bains and Jo LeCouilliard have decided not to stand for re-election at the AGM. Robert Schriesheim has also stepped down as an Independent Non-Executive Director effective from March 2, 2025.
Following these changes, the company will commence a search for one new Independent Non-Executive Director, the identity of whom shall be subject to Oaktree’s approval and whose appointment shall be confirmed by July 1, 2025. Daniel Ninivaggi will be appointed Chair of the Nomination Committee, effective March 10, 2025, and Barbara Ryan will succeed Jo LeCouilliard as Chair of the Compensation Committee, effective from the end of the AGM. Additionally, the Company’s Operational Committee will be discontinued.
These changes are in connection with an amended and restated Relationship Agreement between Indivior and Oaktree, which contains customary obligations and undertakings of mutual support. Indivior is a global pharmaceutical company dedicated to developing medicines to treat substance use disorders, and it will continue its mission with a reshaped Board of Directors. Following these announcements, the company's shares moved 5.8%, and are now trading at a price of $10.1. If you want to know more, read the company's complete 8-K report here.
