Perrigo to reconstitute board with new independent directors

Perrigo has agreed to overhaul the membership of its board of directors following an agreement with Starboard Value, one of its leading investors.

The move will see Starboard's chief executive officer (CEO) and chief investment officer Jeffrey Smith join the board as one of five new independent directors. All five will be recommended by Starboard, which owns 6.7 percent of Perrigo's shares.

Jeffrey Kindler, a venture partner at Lux Capital and CEO of Centrexion has also been appointed with immediate effect, as has Advent International operating partner Bradley Alford. The pair are former CEOs of Pfizer and Nestle, respectively.

Starboard will also be recommending two additional independent directors to be added to the Perrigo board. To accommodate the change, Herman Morris, Shlomo Yanai, Michael Jandernoa and Gary Kunkle are stepping down.

The board will be composed of ten members until the appointment of an additional member, while another current director, Ellen Hoffing, will step down upon the appointment of the second additional board member recommended by Starboard.

Laurie Brlas, chairman of Perrigo's board of directors, said: "We are pleased to have reached this agreement with Starboard and look forward to working closely with the new directors to create value for our shareholders."

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