Two former Elan chiefs on full pay

TWO former Elan executive directors, who resigned last year when the company was besieged over its accountancy policies and the share price fell dramatically, are still receiving full pay, sharing a €2.17 million pay package in 2002.

Figures filed with the US Securities and Exchange Commission show that former chairman and chief executive Donal Geaney and former deputy chairman Thomas Lynch who resigned last July received €1.21m and €967,875, respectively in 2002 alone. However, both men are still employed as advisers to chairman Garo Armen on their base salaries.

Mr Geaney is on a €554,684 pay packet until July 2004, while Mr Lynch is being paid €442,875 a year until the same date.