Elan CEO to step down in two years
Elan CEO Kelly Martin is to leave the pharmaceutical giant in two year’s time, it was announced today.
Mr Martin’s change from an open-ended employment contract to a fixed term agreement will see him remain in his current roles as CEO and director of the company through May 1, 2012.
On completion of this, Mr Martin will then serve the board as executive adviser through January 31, 2013.
“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,” said a statement from Elan.
“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.”
Elan chairman 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.”
