- Healthcare distributor Cardinal Health, Inc. ( NYSE: CAH ) announced several initiatives for shareholder value creation and changes to the company's board on Tuesday with input from activist investor Elliott Investment Management L.P.
- Following a corporation agreement with Elliott, CAH has decided to accommodate the fund manager's Global Head of Engagement Steven Barg to the company's board of directors.
- The changes include the immediate appointment of four new independent directors, including Mr. Barg, to the board.
- However, with two current board members deciding to end their terms this fall, the CAH board will comprise 13 members.
- Mr. Barg and the company's Chief Executive Jason Hollar will be part of the board's newly formed Business Review Committee.
- Business Review Committee will make recommendations to the board after a review of CAH's strategy, portfolio, capital allocation, and operations to maximize the benefits for all stakeholders.
- More details on additional guidance and the board's conclusions are expected at the company's Investor Day scheduled for 1H 2023.
For further details see:
Cardinal Health in pact with activist investor Elliot for value creation measures