Once again, a big hedge fund is trying to convince the Allergan (AGN) board to split the roles of chairman and chief executive into separate positions and address “chronic underperformance.”

In a brief but pointed letter, Appaloosa Management criticized the board for ignoring the same request last spring and contended its refusal makes the company an “outlier.” In arguing its case, the fund cited ISS Analytics data showing the percentage of S&P 500 companies with dual chairs and chief executives was 45.6 percent in 2018, down from 48.7 percent the year before and the lowest percentage in at least a decade.

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