SkyePharma chief quits under pressure

Ian Gowrie-Smith, founder and chairman of the UK drug delivery specialist SkyePharma, resigned his post on January 23, under pressure from disgruntled investors, led by North Atlantic Value, who, on January 20, called for an extraordinary general meeting to propose his removal. These shareholders claimed that he was responsible for the strategy of "over-promising and under-delivering." A new chairman will be appointed at the company's next board meeting, due to take place on February 1.

Commenting on his decision, Mr Gowrie-Smith stated: "I have decided to resign in the interest of all shareholders. This expedites a process that was already ongoing and hopefully will bring to an end the recent acrimonious period and spare shareholders and the company the expense and distraction of an extraordinary general meeting. It is unfortunate that the short-term interests of a small group of shareholders can cause such disruption to the development of a company where real achievements are often measured in decades."

The search for a new chairman has been under way since Mr Gowrie-Smith announced his intention early in 2005 to step down "at an appropriate time." However, the SkyePharma board stressed that "it will strenuously oppose any attempts to force a candidate onto the board." The North Atlantic Value activist group, reportedly, has said that it wants Bob Thian, formerly with GlaxoSmithKline and Abbott Laboratories and currently chairman of laboratory supplier Whatman, to take over the chairmanship of SkyePharma.