Baxter appoints Third Point partner to board of directors

Baxter has appointed Munib Islam, a partner with the hedge fund Third Point, to its board of directors.

Mr Islam will serve on the board's executive search working group and audit committee, expanding the membership of the board by two to a new total of 12.

He leads equity research at Third Point and sits on the firm's risk committee, while his previous employers include Highbridge Capital, Oak Hill Capital and Lazard LLC.

Thomas Stallkamp, lead independent director of Baxter, said: "We are pleased to welcome Munib to the board. He will provide fresh perspectives from the company's largest shareholder and will be able to draw upon his significant capital allocation and public market experience."

Baxter and Third Point have also entered into an agreement that includes standstill and voting provisions, and a commitment to declassify the company's board.

Additionally, Baxter has confirmed that it will work to transition to electing its directors on an annual basis, beginning at the 2016 annual meeting.