Indivior makes board changes after move to Nasdaq

The company said the moves included new appointments, a board restructuring, and alignment with US governance practices.

Robert Schriesheim and Joe Ciaffoni had been appointed as independent non-executive directors, effective immediately.

Both would join the board's nomination committee and an existing operational committee, which provides recommendations on operations and capital allocation.

The appointments were expected to bolster the board's expertise in corporate transformation and specialty pharmaceuticals.

Ryan Preblick, Indivior's chief financial officer, had meanwhile agreed to step down from the board to better align with US-listed governance standards.

The company said it was also continuing its search for a new board chair following Graham Hetherington’s previously-announced departure.

Discussions with Oaktree regarding the potential appointment of an additional non-executive director were ongoing.

Indivior, which recently moved its primary listing to the Nasdaq, said it would transition to a US-standard remuneration system for non-executive directors.

Under the structure, board fees would include a significant portion in Indivior shares, subject to minimum holding requirements.

Shareholder approvals for the changes were expected to be sought at the 2025 annual general meeting.

Indivior and Oaktree had also entered into a relationship agreement that included mutual obligations and support.

“Our board and management team remain committed to enhancing value for all Indivior shareholders and, in recent months, have taken decisive actions in response to short-term headwinds in the business to ensure we are able to navigate the current environment while positioning the company for long-term value creation,” said senior independent director Juliet Thompson.

“This has included taking additional steps to address legacy litigation, pursuing significant streamlining actions across both G&A and R&D and implementing a new $100m share repurchase programme in July 2024, which is being carried out on an accelerated basis.

“We will continue to take actions we believe are in the best interest of the company and all shareholders.”

At 0937 GMT, shares in Indivior were down 3.95% in London, at 912.5p.

Reporting by Josh White for Sharecast.com.