BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Irish Drugmaker Elan Corporation PLC (ELN) Says CEO to Quit in 2012


6/3/2010 6:48:38 AM

DUBLIN, Jun 03, 2010 (BUSINESS WIRE) -- As a key part of its commitment to excellence in corporate governance and prudent executive succession management, Elan Corporation, plc announced today that its Board and Mr. Kelly Martin, Chief Executive Officer have agreed to transition his employment contract from an open-ended agreement to a fixed term agreement.

Under this agreement, Mr. Martin has committed to remain in his current roles as Chief Executive Officer and Director of the company through May 1, 2012. It is envisioned that upon the completion of this fixed term Mr. Martin will then serve the Board as Executive Adviser through January 31, 2013. At that time and after a decade of service to the company, he will have completed his commitment to the company.

This agreement and announcement are intended to provide employees, patients, business collaborators and investors with clarity and continuity on the executive leadership of the company. Mr. Martin and the executive team continue to be dedicated and focused on key drivers of growth and value for Elan and its pipeline, as well as its strong relationships with its collaborators and partners.

Additionally, the adopted timeframe will enable Mr. Martin and the Board of Directors to conduct a comprehensive succession process.

Elan's Chairman, Mr Kyran McLaughlin, said: "Elan's Board is committed to long term leadership succession planning as it is an important part of good governance policies. The amendments to Kelly's employment arrangements are a necessary and desirable part of this commitment. On behalf of Elan's Board, we recognise the significant contribution Kelly has made to the company since 2003 and look forward to the company benefitting from Kelly's continued leadership and direction in the coming years."

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology company committed to making a difference in the lives of patients and their families by dedicating itself to bringing innovations in science to fill significant unmet medical needs that continue to exist around the world. Elan shares trade on the New York and Irish Stock Exchanges. For additional information about the company, please visit http://www.elan.com.

SOURCE: Elan Corporation, plc

MEDIA: Mary Stutts, 650 794 4403 Niamh Lyons, 353 1 663 3602 or INVESTORS: Chris Burns, 800 252 3526 David Marshal, 353 1 709 4444

Copyright Business Wire 2010

Read at Reuters
Read at BioSpace.com
Read at Wall Street Journal

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES