ImClone's Kies Resigns

Carl Icahn gets his way as the chairman leaves the board.
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Carl Icahn's all-out attempt to remake the board of

ImClone Systems


has taken another turn in the billionaire agitator's favor.

The New York-based maker of the cancer drug Erbitux said Tuesday that David Kies, the main target of Icahn's ire, has resigned as chairman, effective immediately.

Additionally, William Crouse joined Kies in leaving the boardroom, saying he was stepping down as a director.

Icahn, the owner of about 14% of ImClone's stock and a new director at the company, had been regularly calling for Kies to be voted out.

He's also been trying to get several other board members replaced, but ImClone has said it believes Icahn's efforts aren't in the best interests of stockholders.

"I'd like to thank David and Bill for their valuable contributions during their respective tenures on the ImClone board," said Joseph Fischer, the interim chief executive of ImClone. "We wish them the best of luck in their future endeavors."

Last week, the struggle between the Icahn and Kies camps reached the breaking point.

ImClone said Icahn had gotten in the way of the company's attempt to sell itself for $36 a share to a big pharmaceutical firm. The company said Icahn wouldn't support the bid, and the prospective buyer walked away.

ImClone didn't name the company, but published reports identified it as


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