Elan’s chief to step down

KELLY MARTIN is to stand down as chief executive of Elan in two years’ time, meaning that the drug company will by then have a new head and chairman in place to guide its next stage of development.

The Dublin and Athlone-based pharmaceutical company announced yesterday it has changed Mr Martin’s contract from an open-ended agreement to a fixed-term arrangement. Although there had been no speculation about Mr Martin leaving the company, the new development means he can’t for another two years.

However, it also means he will stand down from his post at the beginning of May 2012. At that time he is expected to remain on the board and act as an executive adviser.