New Directors Join the Board's Renamed
Finance, Strategy and Oversight Committee
Reaches Cooperation Agreement with
Ancora
GREENFIELD, Ind., April 1,
2024 /PRNewswire/ -- Elanco Animal Health
Incorporated (NYSE: ELAN) today announced that it has appointed two
new independent directors, Kathy
Turner and Craig Wallace, to
its Board of Directors (the "Board"), effective immediately,
expanding the Board to 14 members.
Ms. Turner brings significant global experience in both the
animal health and broader healthcare industries. She has held
senior leadership positions at IDEXX Laboratories, including most
recently as Chief Marketing Officer, and served in various roles of
increasing responsibility at Abbott Laboratories. Mr. Wallace is a
well-respected animal health leader with more than 30 years of
executive experience at companies such as Fort Dodge Animal Health,
Trupanion and Ceva.
Elanco Chairman R. David Hoover
said, "We are pleased to have reached an agreement with Ancora on a
constructive path forward, and we look forward to working with
Kathy and Craig toward our common goal of progressing our robust
and innovative pipeline and driving near- and long-term sustainable
growth and value for our shareholders."
Ms. Turner and Mr. Wallace also joined the Board's Finance,
Strategy and Oversight Committee, which has been renamed to better
reflect its charter and mandate.
"We are pleased to welcome Kathy and Craig, both accomplished
animal health industry executives, to the Elanco Board," said
Jeff Simmons, President and CEO of
Elanco Animal Health. "We are making meaningful progress as we
continue to execute our Innovation, Portfolio and Productivity
strategy, and we are confident that Kathy and Craig will be
valuable additions to the Board."
Frederick DiSanto, Chairman and
Chief Executive Officer of Ancora Holdings Group LLC, added: "After
recent engagement with Elanco, we have aligned on a constructive
agreement that adds two pet healthcare experts to the Board and one
of its key committees focused on strategic planning. Craig and
Kathy are proven industry operators with experience that can
support ongoing efforts to advance the high-quality pipeline
assembled by management. Our recent interactions with Elanco give
us confidence that Jeff and the Board are focused on the right
steps with respect to corporate governance and value creation."
In connection with today's announcement, the Company has entered
into a Cooperation Agreement with Ancora Holdings Group LLC and its
affiliates that contains customary standstill, voting and other
provisions. The agreement will be filed on a Form 8-K with the U.S.
Securities and Exchange Commission.
About Kathy
Turner
Kathy Turner
held senior leadership positions in international commercial
operations at IDEXX Laboratories, a global pet healthcare
innovation company, from 2014 to 2023, including most recently
serving as Chief Marketing Officer. She brings deep understanding
of veterinary clinic operations through her tenure with IDEXX. In
her nearly 30-year tenure at Abbott Laboratories, a multinational
medical devices and healthcare company, she held multiple
leadership positions, most recently leading commercial operations
for Europe. She is currently on
the Board of Veterinarians Without Borders, an organization that
promotes animal well-being, human health and economic development
domestically and internationally.
About Craig
Wallace
Craig Wallace
is President of C.S. Wallace Investments & Strategy, LLC, an
animal health and human healthcare investment firm. Mr. Wallace
previously served as Chief Executive Officer (North America/Pacific) of Ceva Santé Animale,
the fifth largest animal health company worldwide. He also held
leadership roles at Trupanion, Inc., a pet insurance provider, and
Fort Dodge Animal Health, a global manufacturer of animal health
products for the livestock, companion animal, equine, swine and
poultry industries. Additionally, he served on various boards of
directors including the National Commission on Veterinary Economic
Issues and the Kansas City Animal Health Corridor Advisory Board.
He currently serves on the Board of Directors of 1C, a pet retail
distributor, and KeraVet Bio, a veterinary wound care company.
About Elanco
Elanco Animal Health Incorporated
(NYSE: ELAN) is a global leader in animal health dedicated to
innovating and delivering products and services to prevent and
treat disease in farm animals and pets, creating value for farmers,
pet owners, veterinarians, stakeholders and society as a whole.
With nearly 70 years of animal health heritage, we are committed to
helping our customers improve the health of animals in their care,
while also making a meaningful impact on our local and global
communities. At Elanco, we are driven by our vision of Food and
Companionship Enriching Life and our Elanco Healthy Purpose™
Sustainability Initiatives – all to advance the health of animals,
people, the planet and our enterprise. Learn more
at www.elanco.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of the federal securities laws,
including, without limitation, statements concerning future
business activities and financial performance, and may be
identified by the use of words like "may," "will," "could,"
"would," "should," "expect," "plan," "anticipate," "intend,"
"believe," "estimate," "project," "consider," "predict,"
"potential," "feel," or other comparable terminology.
Forward-looking statements are based on our current expectations
and assumptions regarding our business, the economy and other
future conditions and are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict. As a
result, our actual results may differ materially from those
contemplated by the forward-looking statements. Important risk
factors that could cause actual results to differ materially from
those in the forward-looking statements include but are not limited
to the following: operating in a highly competitive industry; the
success of our research and development (R&D) and licensing
efforts; the impact of disruptive innovations; competition from
generic products; an outbreak of infectious disease carried by farm
animals; risks related to the evaluation of animals; consolidation
of our customers and distributors; the impact of increased or
decreased sales into our distribution channels; our dependence on
the success of our top products; our ability to complete
acquisitions and divestitures and successfully integrate the
businesses we acquire, including the proposed divestiture of our
aqua business; our ability to implement our business strategies or
achieve targeted cost efficiencies and gross margin improvements;
manufacturing problems and capacity imbalances; fluctuations in
inventory levels in our distribution channels; ; the impact of
weather conditions, including those related to climate change, and
the availability of natural resources; the effects of a human
disease outbreak, epidemic, pandemic or other widespread public
health concern; the loss of key personnel or highly skilled
employees; adverse effects of labor disputes, strikes and/or work
stoppages; the effect of our substantial indebtedness on our
business; changes in interest rates; risks related to the
write-down of goodwill or identifiable intangible assets; the lack
of availability or significant increases in the cost of raw
materials; risks related to our presence in foreign markets; risks
related to currency rate fluctuations; risks related to underfunded
pension plan liabilities; the potential impact that actions by
activist shareholders could have on the pursuit of our business
strategies; risks related to certain governance provisions in our
constituent documents; actions by regulatory bodies, including as a
result of their interpretation of studies on product safety; the
possible slowing or cessation of acceptance and/or adoption of our
farm animal sustainability initiatives; the impact of increased
regulation or decreased governmental financial support related to
the raising, processing or consumption of farm animals; the impact
of litigation, regulatory investigations, and other legal matters,
including the risk to our reputation; challenges to our
intellectual property rights or our alleged violation
of rights of others; misuse, off-label or counterfeiting use of our
products; unanticipated safety, quality or efficacy concerns and
the impact of identified concerns associated with our products. For
additional information about these and other factors that could
cause actual results to differ materially from forward-looking
statements, please see the Risk Factors in the company's latest
Form 10-K and Form 10-Qs filed with the Securities and Exchange
Commission. Although we have attempted to identify important risk
factors, there may be other risk factors not presently known to us
or that we presently believe are not material that could cause
actual results and developments to differ materially from those
made in or suggested by the forward-looking statements contained in
this press release. Any forward-looking statement made by us in
this press release speaks only as of the date thereof. We undertake
no obligation to publicly update or to revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
Investor Contact: Kathryn
Grissom, +1.317.273.9284, kathryn.grissom@elancoah.com
Media Contact: Colleen Parr Dekker,
+1.317.989.7011, colleen.dekker@elancoah.com
Joele Frank: Kelly Sullivan / Adam
Pollack (212) 355-4449
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SOURCE Elanco Animal Health