UPDATE 1-Irish drugmaker Elan says CEO to quit in 2012

* Change to fixed-term contract; to leave all duties in 2013

* CEO, chairman had rows with shareholders

(Adds quote, background on board history)

DUBLIN, June 3 (BestGrowthStock) – Kelly Martin will quit as chief
executive of Elan Corp (ELN.I: ) in 2012 and from all duties at
the Irish drugmaker a year later, the company said in a move
that could help resolve rows between its board and shareholders.

Elan said it had changed Martin’s contract from open-ended
to a fixed term to “provide clarity and continuity on the
executive leadership of the company”.

“Mr. Martin and the executive team continue to be dedicated
and focused on key drivers of growth and value for Elan and its
pipeline, as well as its strong relationships with its
collaborators and partners,” Elan said in a statement.

Elan shareholders have voiced disapproval of the board in
the past and director Jack Schuler, a former Abbott Laboratories
(ABT.N: ) executive, called for Martin to resign before he was
appointed to the board last year. [ID:nN11520690]

Elan announced in April that Kyran McLaughlin would retire
as chairman with a replacement to be chosen by September or
October.

McLaughlin had to put himself forward for re-election at a
shareholder meeting last month and — along with another
director — was opposed by an unusually large 28 percent of
shareholders. [ID:nLDE64Q1C4]

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(Reporting by Andras Gergely; Editing by Hans Peters)

UPDATE 1-Irish drugmaker Elan says CEO to quit in 2012