The California Public Employees’Retirement System (CalPERS) said yesterday that it plans to withhold re-election votesfor three directors of Eli Lilly and Co.
Among those directors is John Lechleiter, who is slatedto become the company’s CEO next week, according to Reuters.
CalPERS said that Lechleiter,Alfred Gilman, and Karen Horn are accountable for a weak stock price and badcorporate governance policies, according to Reuters.
“It was on their watch thatEli Lilly experienced severe stock underperformance, poor corporate governancepractices, and was unresponsive to shareowners,” said Russell Read, CalPERS‘ chiefinvestment officer , said in a statement.