Elan investor wants rid of "arrogant" directors

Irish biotechnology company Elan faces opposition to its strategic restructuring, as shareholder Jack Schuler is calling for the firm's  co-directors to be replaced in order to prevent the sale of the  company's assets as part of a strategic restructuring (Marketletter  January 19).

Mr Schuler, a former president of US drug major Abbott Laboratories, is  leading a group of seven investors, holding a total of 37% of Elan's  shares, who think the options under consideration by the firm are  inappropriate. Mr Schuler says that current chief executive Kelly  Martin, a former banker, and chairman Kyran McLaughlin lack the  experience necessary to lead a pharmaceutical firm through troubled  times. He has written a letter to Elan's board, outlining what he sees  as their mistakes and calling for Bill Rohn, former head of Biogen Idec  and current Elan director, to take over as chairman.