Elan CEO agrees to change contract
Elan have announced that its CEO Kelly Martin has agreed to change 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
After this date he will then serve as executive adviser until January 2013.
Elan said that the announcement is intended to provide employees, patients, business collaborators and investors with clarity and continuity on the executive leadership of the company.
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."