The cooperation agreement that the Company has entered into with Elliott contains customary standstill, voting, confidentiality and other provisions. We are confident that the initiatives announced today will drive meaningful shareholder value creation, and we look forward to continuing our collaboration with the Company."
#Cardinal chains level 54 full
Cardinal Health plays a mission-critical, market-leading role in the global healthcare system, and we have been encouraged by the Company's openness to taking actions necessary to ensuring that Cardinal Health realizes its full potential. "I look forward to working with the Board, including our four new directors, to optimize our strategy, structure, and operations as we position Cardinal Health for long-term success."Įlliott Senior Portfolio Manager Marc Steinberg said, "Our discussions with Jason and the Board have been positive and productive, and we are pleased to have worked collaboratively to reach this agreement. Hollar, Cardinal Health's Chief Executive Officer. "Cardinal Health's leadership team is focused on creating value for all our stakeholders, and the newly initiated Business Review Committee, as well as the new expertise and experience being added to our Board, are critical steps in this process," said Mr. Our Board looks forward to receiving the recommendations of the Business Review Committee and updating the market in due course, as Jason and his leadership team chart a path to deliver upon our mission for our customers and employees and drive value creation for our shareholders." We are also pleased with Elliott's confidence in, and commitment to, the go-forward long-term potential of Cardinal Health. "We're pleased to welcome Steven, Michelle, Sujatha and Christine to the Board and believe the Company and our many stakeholders will benefit from their mix of experience, skills and leadership. We're grateful for their leadership and contributions and wish them both the very best," said Gregory Kenny, Independent Chairman of the Board of Cardinal Health. "We'd like to thank Dean and John for their service to the Board.
The Company expects to conduct an investor day in the first half of calendar 2023 to share the Board's conclusions and to provide additional guidance. The Committee, with the assistance of the Company's legal and financial advisors, will make recommendations to the full Board. Barg and Akhil Johri will also serve on the Committee. The Business Review Committee will be chaired by Chief Executive Officer Jason Hollar Mr. Following the Annual Meeting, Cardinal Health's Board will consist of 54% women and 23% racially or ethnically diverse individuals.Ĭardinal Health's Board has also formed a new Board committee, the Business Review Committee, to support a comprehensive review of the Company's strategy, portfolio, capital-allocation framework, and operations with the goal of maximizing Cardinal Health's potential for the benefit of all stakeholders. Two existing Directors – Dean Scarborough and John Weiland – have announced their intentions to conclude their Board service at the end of their previously elected terms this fall and will not stand for re-election at Cardinal Health's 2022 Annual Meeting, resulting in a 13-member Board. With these immediate appointments, Cardinal Health's Board will be made up of 15 Directors, 14 of whom are independent under the Company's director independence standards.
As part of Cardinal Health's ongoing commitment to Board refreshment and the initiatives announced today, the Governance and Sustainability Committee of the Board has recommended and the Board has approved the appointment of four new independent directors: Steven Barg, Michelle Brennan, Sujatha Chandrasekaran and Christine Mundkur.
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