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NEW YORK (AP) — Forest Laboratories Inc. confirmed Friday that its shareholders have elected a candidate backed by billionaire investor Carl Icahn to the company's board of directors.
The results of the election were certified Friday. Icahn nominee Pierre Legault will replace Forest nominee and former company executive Dan Goldwasser on the board. Shareholders elected Forest's other nine nominees: Chairman and President and CEO Howard Solomon, Christopher Coughlin, Nesli Basgoz, Kenneth Goodman, Gerald Lieberman, Lawrence Olanoff, Lester Salans, Brenton Saunders, and Peter Zimetbaum.
Goldwasser had been on the board since 1977
Forest said around 73 of its outstanding shares were voted in favor of Basgoz, Coughlin, Lieberman, Saunders, and Zimetbaum, and Solomon got 72 percent of the vote at the Aug. 15 meeting. Those six directors were running for re-election unopposed and more than 190 million shares were voted in support of each director. Olanoff got about 123 million votes, while Goodman received 120 million and Salans received 108 million.
Legault received about 114 million votes while Goldwasser received 104 million. Icahn's other nominees all fell far short of election. Daniel Ninivaggi received 89 million votes, Eric Ende received 49 million, and Andrew Fromkin received 42 million votes.
Icahn owns around 26 million shares of Forest, or a 9.9-percent stake in the company. He is Forest's second-largest shareholder.
Forest shares rose 7 cents to $34.69 in afternoon trading.