Allergan CEO Saunders wins vote to keep chairman role By Reuters

NEW YORK (Reuters) – Allergan (NYSE:) Plc shareholders have voted down a proposal to order the immediate split of the roles of chairman and chief executive, with 61.3 percent of shareholders backing Chairman and CEO Saunders.

Billionaire investor David Tepper’s hedge fund Appaloosa LP made the proposal, arguing that Allergan currently has a questionable business strategy and excessive pay for executives.

Proxy advisory firms backed keeping the current structure.

Reuters on Tuesday had reported that enough votes had been cast for Allergan to prevail against Appaloosa.

(The story corrects to show 61.3 percent of shareholders supported CEO)

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