Ex-Elan directors get $2m payout

THE two former senior executives at the drug company Elan received almost $2 million (€1.68m) in payments last year even though they resigned as directors almost two years ago.

Donal Geaney, former chairman and chief executive, pocketed $1.12m (€938,943) in 2003, while former vice-chairman Tom Lynch took home close to $900,000 (€754,573), according to the company’s annual report published yesterday.

The pair resigned from their positions following the collapse in Elan’s share price after an accounting scandal. They were retained as special advisers to new chairman Dr Garo Armen on full pay and benefits. This contract will end in July of this year.