Activist investor Appaloosa and hedge fund Senator Investment Group asked Allergan PLC for management changes early Tuesday, requesting that the company either split the office of chief executive and chairman -- two positions that Brent Saunders holds -- or get a new, outside chairman or CEO, among other options. In a letter to Allergan's board of directors, signed by Appaloosa President and Chief Executive David Tepper and Senator Investment Group Managing Partner Douglas Silverman, the financial firms described Allergan's recent strategic review as underwhelming. "The token measures outlined in Mr. Saunders' presentation betray the Board and management's desire to cling to a status quo that has produced three years of steadily declining stock performance and a fire-sale market valuation," the letter said, going on to question whether acquisitions would really help the company. The firms have previously sent letters to Allergan's board of directors in May and late April. Allergan shares were up 2% in Tuesday midday trade. Shares have dropped 32.4% over the last 12 months, compared with a 12.7% rise in the S&P 500 and a 16.9% rise in the Dow Jones Industrial Average