Elan appoints new president

Elan Corporation has announced that G Kelly Martin, 43, has been named president and chief executive officer of the company by unanimous vote of its board of directors.

The appointment is effective February 3, 2003.

“I am particularly pleased that Kelly possesses all the requirements which we defined as critical for our CEO candidate," Dr Garo Armen, who will remain chairman of Elan.

"Although he does not have direct pharmaceutical industry experience, Kelly’s exceptional management and business skills, along with his tremendous passion for what our company does, makes him an outstanding choice to lead Elan in its efforts to recover and reestablish itself as a leader in our industry."

Mr Martin was a member of both the executive management and operating committee of Merrill Lynch & Co and was formerly president of the International Private Client Group.