Elliott’s exact intentions couldn’t be learned. The deadline to nominate directors for election at its annual meeting to be held this fall was Aug. 7.

Cardinal had a market value of over $18 billion Monday morning after its shares rose 5% both Thursday and Friday following the CEO change.

The company plays a key role in the healthcare system as a major distributor of drugs to pharmacies and medical supplies to hospitals. Its shares are little changed over the past 20 years when compared with a more than 800% rise in those of its peers

McKesson Corp.

and

AmerisourceBergen Corp.

, which have more aggressively expanded into selling high-price specialty medications. Cardinal’s profit has also been weighed down by its medical-supplies business, which has been hurt by rising inflation and supply-chain disruptions.

Dublin, Ohio-based Cardinal said last week that CEO

Mike Kaufmann

was stepping down Sept. 1 and would be succeeded by Chief Financial Officer

Jason Hollar.

That move was met with some skepticism. An analyst asked on its earnings call why the company hadn’t run a full search for a new CEO. Mr. Hollar joined Cardinal in May 2020 and previously worked as CFO of automotive-products company

Tenneco Inc.

Analysts have also suggested that investors could push the company to consider strategic changes such as breaking up or selling its medical business. In its fiscal fourth quarter results reported last week, revenue from the pharmaceuticals-distribution business rose about 13% while it fell 11% in the medical-supplies unit.

Elliott, one of the busiest activists, has roughly $56 billion under management. In recent months it has agitated at companies including

Pinterest Inc.

and

PayPal Holdings Inc.

Write to Joseph Walker at joseph.walker@wsj.com and Cara Lombardo at cara.lombardo@wsj.com