Icahn claims success, steps back from Hologic | Personnel Moves

Billionaire investor Carl Icahn said last Friday that he will begin to ramp down his involvement with Hologic (NSDQ:HOLX), claiming his intervention with the company to be a success.

As part of the stepping away process, Icahn representatives Jonathan Christodoro and Samuel Merksamer stepped down from the board and will not be replaced, according to SEC filings from Hologic.

“Yesterday our designess resigned from the $HOLX board because the situation no longer calls for activism. Hologic is the quintessential example of activism at its best. We commend Steve MacMillan for a job well done,” Carl Icahn wrote on twitter last week.

Icahn is stepping away with a smile, according to the Boston Globe, which said recent filings show he made more than 60% on a large block of shares he sold recently. The paper said that Icahn 1st reported a large position in the company in late 2013, after which he pressured the company into appointing 2 Icahn designees to the board.

Since CEO MacMillan took over and Icahn joined in the fall of 2013, Hologic shares have outperformed its index, the Globe reported, gaining approximately 56%.

As the Icahn representatives stepped away, Hologic announced it appointed ex-Tyco International CFO Christopher Coughlin to its board of directors. Coughlin also serves on the Allergan (NYSE: AGN), Alexion Pharmaceuticals and Dun & Bradstreet boards, and has previously served on the boards of Covidien and other pharma and medtech companies.

“It is a pleasure to welcome Chris to Hologic’s board. He is a proven business leader who brings a strong track record of value creation.  His depth of experience in executive leadership roles within complex corporate organizations, his financial background, and his experience on public company boards will contribute critical insights in Hologic’s efforts to generate sustainable growth and shareholder value,” CEO MacMillan said in a press release.

 

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