Elliott Enters Cooperation Agreement With Cardinal Health; Elliott's Steven Barg To Join Board

(RTTNews) - Cardinal Health (CAH) announced initiatives aimed at positioning the company for long-term success. The company said these initiatives have benefited from input received from Elliott Investment Management L.P. Elliott has also entered into a cooperation agreement with Cardinal Health. The cooperation agreement contains customary standstill, voting, confidentiality and other provisions.

The Governance and Sustainability Committee of the Board of Cardinal Health has recommended and the Board has approved the appointment of four new independent directors: Steven Barg, Michelle Brennan, Sujatha Chandrasekaran and Christine Mundkur.

Cardinal Health's Board has also formed a new Board committee, the Business Review Committee, to support a review of the company's strategy, portfolio, capital-allocation framework, and operations with the goal of maximizing potential for the benefit of stakeholders. The company expects to conduct an investor day in the first half of calendar 2023 to share the Board's conclusions.