Sector News

Allergan appoints former Abbott executive to its board

June 19, 2018
Life sciences

Allergan Plc said on Thursday former Abbott Laboratories executive Thomas Freyman will join its board, a week after two of its shareholders criticized the drugmaker’s acquisition strategy and board composition.

Allergan, whose director Patrick O’Sullivan will retire from the board in July, said its board will continue to have 12 members of which 10 are independent, following the changes.

Freyman, who retired from Abbott in 2017, most recently served as executive vice president, finance and administration for the company since June 2015.

Last week, two of Allergan’s shareholders, hedge funds Appaloosa Management and Senator Investment Group, asked the drugmaker’s board to split the role of chief executive officer and chairman as well as reconsider its acquisition strategy.

By Ankur Banerjee

Source: Reuters

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