Teamsters Ask Stockholders To Replace Cardinal Health Chairman
The International Brotherhood of Teamsters say that Cardinal Health CEO George Barrett failed to set the correct "tone at the top" while the firm became embroiled in the opioid epidemic and allegedly overpaid its chief compliance officer for illicit sales. The group is asking shareholders to appoint an independent board chairman, stripping Barrett of the role.
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A Medtech Insight analysis of the highest-earning CEOs among the top medtech companies in last year's MTI 100 company league table shows that these individuals benefited mainly from stock and options holdings, as well as very generous incentive bonuses, bestowed upon them by their boards of directors. However, a couple of CEOs, including Zimmer Biomet's David Dvorak and Cardinal Health's George Barrett, who were rewarded fiscally for taking their companies to growth have had their leadership challenged since then.
Two days before Cardinal Health shareholder's meeting this week – including a planned crucial vote on Chairman and CEO George Barrett's continued leadership– Cardinal announced that Barrett will step down as CEO Jan. 1, to be replaced by Chief Financial Officer Mike Kaufmann. Barrett, meanwhile, will continue as executive chairman of the board of directors for another year.
Janssen, Teva, Allergan, Endo, and Purdue – as well as several distributors – pursued in multistate investigation that follows individual AG inquiries and flurry of state, city, and county suits.