NEW YORK Billionaire investor Carl Icahn is trying to kick Genzyme CEO Henri Termeer off the company’s board of directors, according to published reports.
The New York Times reported this week that Icahn had filed a proxy statement with the Securities and Exchange Commission saying he wanted to replace four of the company’s executives, calling the company “broken.” The biotech manufacturer has recently faced manufacturing problems leading to shortages of two of its drugs.
On Thursday, Genzyme announced that it would buy back $2 billion worth of stock and also seek to offload its genetic testing, diagnostic products and pharmaceutical intermediates businesses by spinning them off, divestiture or management buyouts.
“Genetics and diagnostics are strong businesses that are both leaders in their fields,” Termeer said. “However, as we evaluated our company to create a mix of businesses that will delivery sustainable growth and stronger returns on invested capital, it became clear that these businesses do not fit within this strategy.”