DEERFIELD (dpa-AFX) - Baxter International Inc. (BAX) announced it has reached an agreement with Third Point LLC to appoint Munib Islam to its Board immediately and add another, mutually agreed upon independent director in the near-term. Islam is a Partner at Third Point where he leads equity research, and sits on the firm's Risk Committee. He will serve on the Board's executive search working group and audit committee.
Baxter and Third Point have entered into an agreement that includes standstill and voting provisions, and a commitment to declassify the company's Board. The agreement also contemplates that Baxter will work to transition to annual election of the company's directors beginning 2016 annual meeting.
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