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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Arthur Radley who wrote (10270)	6/3/2010 9:23:17 AM
From: tom pope	Read Replies (1) \| Respond to of 10345

WSJ: Irish biotechnology company Elan PLC, facing long-running shareholder dissatisfaction over company management, said Chief Executive Kelly Martin will step down in 2012. The news comes about six weeks after Elan said its chairman, Kyran McLaughlin, would retire. Mr. Martin was hired in 2003 to turn Elan around after an accounting scandal, and was initially credited with improving the company's fortunes. But shareholder discontent with his performance has mounted in recent years. Some shareholders began pressuring for Mr. Martin's ouster in 2008, saying he had botched the marketing of the company's most important drug—Tysabri for multiple sclerosis—and wasted company money on private jets and an excessive number of offices. They also lobbied for changes at the board level. Messrs. Martin and McLaughlin defended their record but made some changes, promising to close some offices and cut other costs. Some large shareholders later accused Mr. Martin and the board of mishandling a deal with Johnson & Johnson involving Elan's experimental drugs for Alzheimer's, and failing to publicly disclose certain elements of the deal. In recent weeks, some shareholders have written to Elan's board expressing concern over management's exploration of a spin-off of its drug-delivery business, Elan Drug Technologies. <snip>