Elan chief executive turns down cash bonus

The chief executive of Co Westmeath-based pharmaceutical giant Elan has declined his cash bonus for 2008.

Kelly Martin earned 57% less last year because he waived his cash bonus for 2007, which was due to be paid to him last year, in exchange for share options.

His earnings still came in at more than €830,000

Executive director Shane Cook earned €1.1m, down from €1.3m in 2007.