McLaughlin to take helm at Elan

GARO ARMEN, the chairman of drug company Elan, has stepped down from the position he was parachuted into when the company hit serious problems with the New York Stock Exchange in 2002.

Mr Armen is to be replaced by current non-executive director Kyran McLaughlin.

Dr Armen will remain on the firm’s board as a director. The change is immediate.