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Elan Corp Plc (Dublin IRL), under pressure from activist shareholder Ib Sonderby, named Robert Ingram chairman to replace Kyran McLaughlin after voters at the company's annual general meeting opposed his re-election.

Elan Corp Plc (Dublin IRL), under pressure from activist shareholder Ib Sonderby, named Robert Ingram chairman to replace Kyran McLaughlin after voters at the company's annual general meeting opposed his re-election. The appointment is effective Jan. 26 and Ingram, who turned 68 last week, will join the board immediately, Elan said. Ingram didn't return calls made to his U.S. office seeking comment. Paul McSharry, a spokesman for Elan, said Ingram wouldn't be available for an interview. Danish investor Sonderby, who owns 2 million shares of Elan, has called for new board members, questioning why the company paid Davy Stockbrokers, where McLaughlin serves as vice chairman, $2.3 million for consulting work. About 28% of voters at the company's annual general meeting in May opposed the re-election of McLaughlin, who had been on the board for 10 years and served as non-executive chairman for five. Ingram is the former chief executive officer of Glaxo Wellcome Plc and former vice chairman of pharmaceuticals at GlaxoSmithKline Plc (London GBR). He serves on the boards of Allergan Inc., Cree Inc., Edwards Life Sciences Corp., Lowe's Companies Inc. and Valeant Pharmaceuticals International Inc.

Ingram was chairman of OSI Pharmaceuticals Inc. in May when it agreed to be sold to Astellas Pharma Inc. after the Japanese drugmaker raised its bid. Glaxo and Valeant developed the epilepsy drug ezogabine, which last week was rejected by U.S. regulators for "nonclinical" reasons. Elan closed the week up 34 cents, or 9%, at 4.24 euros in Dublin trading.
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Publication:MondayMorning
Geographic Code:4EUIR
Date:Dec 13, 2010
Words:251
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