The Chairman of Elan (NYSE:ELN), Mr. Robert Ingram today provided an update on CEO succession: “On June 3, 2010, Elan communicated that, as part of its prudent executive succession management process, Kelly Martin, CEO, and the Board of Directors agreed that by May 1, 2012, Kelly would have successfully completed his commitment and overall duty as CEO to the company that he had served since January 2003. At the time, the date was agreed to enable the Board and Kelly to achieve three important objectives:
- Complete a number of critical business and financial initiatives
- Continue to advance Elan’s science and strategic positioning in the neuroscience field and in the biotechnology sector overall
- Allow the Board to thoughtfully and rigorously identify and select the next generation leader with the best qualifications to take this repositioned and unique company forward in the coming decade.
After much thought and consideration, the full Board and I believe that Elan and our shareholders will be best served by having Kelly continue his leadership through this critical period and strategic inflection point in the company’s progression.To that end and after a number of discussions between me and the full Board of Directors, I have requested that Kelly extend his tenure as the Elan CEO until the Bapineuzumab data has been shared publicly, evaluated and assessed. This continuity will create an opportunity to achieve further clarity for Elan’s strategic and financial path forward. Kelly has agreed to this request and the extension. During this time, we will maintain a dialogue with the exceptional succession candidates who remain interested in the position and who support this decision. We thank Kelly for his unwavering commitment to Elan and applaud his dedication and passion for our employees, shareholders and patients.” Robert A. IngramChairman, Elan Corporation, plc Ends/ About Elan Elan is a neuroscience focused biotechnology company committed to making a difference in the lives of patients and their families by dedicating itself to bringing innovations in science to fill significant unmet medical needs that continue to exist around the world. For additional information about Elan, please visit http://www.elan.com.