Elan

Kelly Martin will step down from his role as chief executive officer of Elan Corp. on May 1, 2012. Mr. Martin will then serve as the board’s executive adviser through January 31, 2013. According to a company statement, the arrangement allows Mr. Martin, who had an open-ended agreement, and company directors, to run “a comprehensive succession process.”

Elan’s chairman, Kyran McLaughlin, said, “Elan’s Board is committed to long term leadership succession planning as it is an important part of good governance policies. The amendments to Kelly’s employment arrangements are a necessary and desirable part of this commitment. On behalf of Elan’s Board, we recognize the significant contribution Kelly has made to the company since 2003 and look forward to the company benefitting from Kelly’s continued leadership and direction in the coming years.”