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ImClone Names John Johnson CEO

The former J&J executive joins a long line of ImClone chiefs.

After the better part of a year without a CEO,

ImClone Systems

(IMCL)

tacked another name on the executive tree Thursday, appointing John Johnson chief executive.

Johnson was most recently company group chairman of

Johnson & Johnson's

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biopharmaceuticals unit. Prior to that, he was president of Ortho Biotech Products.

ImClone has been run by an executive committee since Carl Icahn began pressuring for control of the biotech company and interim CEO Joseph Fischer's consequent resignation last October. Fischer had taken the role the year prior, following former Chief Scientific Officer and interim CEO Philip Frost, who had taken the helm when Daniel Lynch resigned.

Lynch had taken over the role officially in February of 2004. He'd been serving as interim CEO since 2003, following the resignation of co-founder and former CEO Harlan Waksal, brother of ImClone co-founder and former CEO Sam Waksal -- who went to jail for the insider trading and securities fraud ordeal.

ImClone said Johnson will purchase $500,000 of the company's common stock as part of his new position.

The company's shares, which ended Thursday's session down 5% at $30.36, were rising 0.5% in recent after-hours trading.