Allergan activist investor says plan to split CEO, chair roles lacks urgency

Activist investor Appaloosa said Monday that Allergan's promise to elect an independent chairman would be "nothing more than a meaningless gesture" unless it's enacted in the very near term.

Allergan plc (NYSE:AGN) said in a proxy statement Friday that it will ensure its chairman will be an independent member of the board, but that change won't come until "the next leadership transition."...