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Investing.com – Activist fund Elliot Management has a “large” position in Cardinal Health (NYSE:CAH), The Wall Street Journal reported Monday.
Citing people familiar with the matter, the WSJ stated Elliott Management is aiming for a few seats on Cardinal’s board and nominated five directors to the board around two weeks ago before Cardinal replaced its CEO last week.
Cardinal announced last week that CEO Mike Kaufmann would step down on September 1, succeeded by Chief Financial Officer Jason Hollar.
The WSJ stated Elliott’s intentions are not yet clear, but the nomination deadline for the directors’ election at its annual meeting was August 7.
Reports last week stated investment firms had been eyeing Cardinal Health this year with a view that a management change could potentially boost the company’s share price.
Cardinal shares are up 23.2% in the last week and 30.6% in 2022. They are up 2% on Monday, at levels not seen since March 2018.
