Elan's chief executive Kelly Martin has agreed to change his contract with the pharmaceutical firm to a fixed term agreement, the company said today.
Mr Martin, who previously had an open-ended agreement, will remain as chief executive and director until May 1st 2012, and is expected to then serve as an executive adviser to the board until January 31st 2013.
The company said the move was part of its commitment to excellence in corporate governance, and would give employees and investors clarity and continuity on the executive leadership of the company. The timeframe will also allow the company to find a suitable successor for Mr Martin, who has been with Elan since 2003.
“Elan’s Board is committed to long term leadership succession planning as it is an important part of good governance policies," said chairman Kyran McLaughlin. "The amendments to Kelly’s employment arrangements are a necessary and desirable part of this commitment."