GREENFIELD, IND. — Elanco Animal Health Inc. recently announced a personnel change to its board of directors. Scott Ferguson, founder and managing partner of Sachem Head Capital Management LP, has stepped down from Elanco’s board.
“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,” Ferguson said. “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.”
According to Elanco, Sachem Head will continue to serve as a resource, engaging with Elanco’s board.
“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 the board of directors at Elanco. “We look forward to continuing our dialogue with Sachem Head and benefiting from Scott’s perspectives.”
Based in New York, Sachem Head is currently one of Elanco’s largest shareholders.
“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,” said Jeffery N. Simmons, president and chief executive officer of Elanco. “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.”
Read more about personnel changes throughout the industry.