BOSTON (Reuters) - Hedge fund Pershing Square Capital Management won one seat on the board of directors of animal health company Zoetis Inc and agreed with management to select a second “mutually agreeable” director, Zoetis said on Wednesday.
William Doyle, a Pershing Square partner, will join Zoetis’ corporate governance committee as the company expands the size of its board to 10 people. The second director, who has not yet been named, would serve on the compensation committee.
William Ackman’s Pershing Square, Zoetis’ biggest investor, also agreed to standstill restrictions and entered a confidentiality agreement.
Reuters reported last week that Pershing Square was poised to win board seats and that Doyle would likely be a director.