Major Novartis shareholder calls for board shake-up after trial setbacks

Artisan Partners, a top-20 Novartis shareholder, has publicly called for a shake-up of the pharmaceutical company’s board, according to a Reuters report dated September 10, 2026.

Artisan managing director David Samra urged Chairman Giovanni Caforio to strengthen board oversight of acquisitions and consider creating a dedicated M&A committee.

The call follows a roughly $30 billion drop in Novartis’ market value after consecutive clinical-trial setbacks, including disappointing results involving a drug acquired through the company’s $12 billion Avidity deal.

Samra also criticized Novartis’ executive-compensation structure, arguing that it relies too heavily on adjusted metrics that can exclude writedowns and may not reflect economic performance.

Artisan is reportedly the first shareholder to publicly demand board changes, although other investors have privately raised concerns about Novartis’ acquisition strategy. The report did not indicate that a formal proxy fight or specific director nominees had been announced.