(Reuters) – Allergan Plc is on course to defeat a non-binding shareholder resolution tabled by David Tepper’s hedge fund Appaloosa LP that would have instructed the drugmaker’s CEO Brent Saunders to immediately give up his role as chairman, people familiar with the matter said on Tuesday.
FILE PHOTO: The Allergan logo is seen in this photo illustration November 23, 2015. REUTERS/Thomas White/Illustration
A loss would have been bruising for Saunders, a prolific dealmaker who has served as CEO of Allergan since 2014. Allergan has committed to separating the CEO and chairman roles no later than the next leadership change when Saunders, 49, steps down, rather than immediately. He has not set any public timetable for his exit.
Enough votes have been cast for Allergan to prevail