Elan announces restructuring plans

Elan said it has introduced a new management structure to implement its previously announced action plan and the elimination of the previous divisional structure.

"In order to streamline our business, we need to fundamentally change and reshape our organisation to meet the challenges that we face to become a fully integrated biopharmaceutical company" said Donal Geaney, Elan's chairman and chief executive officer.

Under the new structure Timothy R. Wright, who has led Elan's sales and marketing efforts internationally, will take the additional responsibility for sales and marketing in the U.S., the company's most important market.

As part of restructuring, Elan's Tom Lynch will relinquish his current responsibilities as executive vice chairman to focus on "Elan's key objective", the recovery of shareholder value.