Will focus more time on other opportunities
Elanco Animal Health Inc. has announced that Scott Ferguson, founder and managing partner of Sachem Head Capital Management LP, is stepping down from the Board of Directors in connection with Ferguson and Sachem Head refocusing his time across other Sachem Head Board commitments. As one of the company’s largest shareholders, Sachem Head will continue to engage with and be a resource for the Board and management team.
“I am resigning from the Board of Directors to spend additional time on other opportunities in Sachem Head’s portfolio and my service on two other public company boards. I have enjoyed working with my fellow directors since my appointment in December 2020, and I believe that the Company has established the right plan to create shareholder value through sustained cost discipline and developing its innovation pipeline. As the Company executes on its plan, I believe the market will come to appreciate the good work that is being done by management and the Board,” Ferguson said.
“The Board and I appreciate Scott’s strong partnership and contributions during his tenure as we executed our plans for sustainable growth and enhanced profitability,” said R. David Hoover, chairman of Elanco’s Board of Directors. “We look forward to continuing our dialogue with Sachem Head and benefiting from Scott’s perspectives.”
Jeffrey N. Simmons, president and CEO, said: “We continue to drive strong execution of our strategy across our global enterprise, including our relentless efforts to continue to expand margins while advancing our innovation pipeline. Looking ahead, we will continue to benefit from the expertise of our Board’s Finance and Oversight Committee, which was enhanced in December 2020 to oversee our productivity initiatives. Our submissions in the next few months for pet health blockbusters will open the door to our next era of innovation and growth, which we believe will deliver increased value to customers and shareholders.”
