Ancora Nominates Four Highly Qualified, Independent Director Candidates and Urges Orderly CEO Succession at Elanco Animal Health
Believes Slate Possesses Necessary Experience in Capital Allocation, Corporate Governance,
Contends the Upcoming Annual Meeting is the Ideal Moment to Introduce Truly Independent Directors and Start a Boardroom Dialogue Around a Properly Timed CEO Change in 2025
Reminds Shareholders That Elanco’s Leadership Has Failed to Deliver Value and Meet its Own Promises Over Every Long-Term Horizon
Urges Shareholders to Review Presentation Regarding the Case for Shareholder-Driven Change Atop Elanco
“Ancora has amassed a roughly
We believe Elanco’s Board should be operating with humility and an open mind after presiding over anemic margins, ballooning debt, poor capital allocation and shoddy forecasting. All of this has translated to negative total shareholder returns over every relevant long-term period, including since inflection points such as the Company’s 2018 initial public offering, 2020 acquisition of
We anticipate that the Board and
As evidenced by our emphasis on the next generation and willingness to have a principal on the Board, we look forward to being a long-term shareholder of Elanco. We have identified areas in which prior campaigns for change at the Company may have fallen short. Our slate possesses sorely needed experience in capital allocation, corporate governance, pet healthcare, supply chain management and succession planning. Each of our director candidates looks forward to engaging with Elanco shareholders about their constructive and practical ideas for igniting a turnaround at the Company and identifying its next generation of management. If elected by shareholders, rest assured our nominees intend to put this contest in the rearview mirror and support the type of collegial boardroom dialogue that is necessary to unlocking the full potential of Elanco.”
DIRECTOR CANDIDATE BIOS
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Previously held senior leadership positions in international commercial operations at
(NASDAQ: IDXX), a global pet healthcare innovation company, from 2014 to 2023, including most recently serving as Global Chief Marketing Officer.IDEXX Laboratories
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Previously held various leadership roles during her nearly 30-year tenure at
(NYSE: ABT), a multinational medical devices and healthcare company where she most recently led commercial operations forAbbott Laboratories Europe .
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Previously served on the Executive Leadership Team of Health for Animals, an organization that focuses on animal health products and animal well-being, and the
Nutrition and Technology Innovation Advisory Board of Kiasco Animal Health , an animal health event series that connects innovation and investments.
- Currently on the board of directors of Veterinarians Without Borders, an organization that promotes animal well-being, human health and economic development domestically and internationally.
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Former Chief Executive Officer (
North America /Pacific) of Ceva Santé Animale, the fifth largest animal health company worldwide.
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Previously held leadership roles at
(NASDAQ: TRUP), a pet insurance provider, andTrupanion , Inc.Fort Dodge Animal Health , a global manufacturer of animal health products for the livestock, companion animal, equine, swine and poultry industries.
- Currently runs an animal health and human healthcare investment firm and serves on the boards of directors of companies including 1C, a pet retail distributor, and KeraVet Bio, a veterinary wound care company.
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Previously served on the boards of directors of organizations including the
National Commission on Veterinary Economic Issues and theKansas City Animal Health Corridor Advisory Board .
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Current President of
Ancora Alternatives LLC , where he manages approximately$1.5 billion in capital for partners that include pensions, foundations, and institutional and individual clients.
- Seasoned investor with a track record of helping companies implement positive and long-lasting governance enhancements, including de-classifications, voting standard changes and director refreshments.
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Former Senior Analyst at
Relational Investors LLC , a pioneer in constructivist investing.
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Previously served on the boards of directors of companies that include
(NYSE: STC),Stewart Information Services Corporation Hill International, Inc. (f/k/a NYSE: HIL) and (NASDAQ: RVSB).Riverview Bancorp , Inc.
- Current Chairman of Global Critical Logistics, a provider of freight forwarding and logistics.
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Former Chief Financial Officer of
C.H. Robinson Worldwide, Inc. (NASDAQ: CHRW), a global logistics company.
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Former Chief Financial Officer of
(NASDAQ: FWRD), an asset-light freight and logistics company, and former President and Chief Executive Officer of Panther Expedited Services (n/k/aForward Air Corporation Panther Premium Logistics ).
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Currently serves on the board of directors of
(TSX: EFN), where he serves on the Audit Committee andElement Fleet Management Corp .Credit and Risk Committee .
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Previously served on the boards of directors of companies that include
Logistics Innovation Technologies Corp. (NASDAQ: LITT),Oregon Tool (f/k/aBlount International , NYSE: BLT) andPacer International, Inc. (f/k/a NASDAQ: PACR).
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About Ancora
Founded in 2003,
Advisors
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
The participants in the proxy solicitation are currently anticipated to be
Ancora Catalyst Institutional beneficially owns directly 2,230,542 shares of the Corporation’s common stock, no par value (the “Common Stock”). Ancora Catalyst beneficially owns directly 231,370 shares of Common Stock. Ancora Merlin Institutional beneficially owns directly 2,231,680 shares of Common Stock. Ancora Merlin beneficially owns directly 209,163 shares of Common Stock. Ancora Bellator beneficially owns directly 582,569 shares of Common Stock. Ancora Impact beneficially owns directly 4,757,777 shares of Common Stock. Ancora Alternatives SMAs collectively beneficially owns directly 2,664,550 shares of Common Stock (consisting of shares of Common Stock held in certain separately managed accounts, collectively, the “Ancora Alternatives SMAs”). Ancora Alternatives, as the general partner and investment manager of each of the Ancora Funds, may be deemed to beneficially own the 12,907,651 shares of Common Stock beneficially owned in the aggregate by the Ancora Funds and held in the Ancora Alternatives SMAs (including the 2,328,300 shares of Common Stock underlying 22,883 American call options and 400 American style put options).
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