Elan has officially named prominent stockbroker, Mr Kyran McLaughlin as its new non-executive chairman.
The appointment comes as Elan's previous chairman, Dr Garo Armen, steps down from the position.
Mr McLaughlin (60) is one of the best-known financial professionals in the state. He is head of capital markets and deputy chairman of Davy, and also sits on the Ryanair board.
He becomes chairman as Elan launches its landmark multiple sclerosis drug, Tysabri (formerly Antegren) on to the market. Analysts expect the drug to win a 40 per cent share of a $4 billion-plus (€3.06 billion) market over the next four years.
Elan first appointed Mr McLaughlin as director in 1998. He was a member of the five-man executive committee established to oversee the running of the company after its previous executive chairman, Mr Donal Geaney, resigned.
At the time the firm was nursing a 95 per cent drop in its share price and was facing a regulatory investigation into its accounting practices. This investigation has since been resolved.
Mr McLaughlin was joint chief executive of Davy Stockbrokers until 1999, when he resigned from the position as the Revenue Commissioners began investigating a family trust he had established in Liechtenstein. He rejoined the Davy board late last year after resolving his tax issues and is one of about 10 executives who between them own 10 per cent of the broker.
It is believed that the board of Elan, which has an American chief executive, was keen to maintain an Irish balance at the top of the company.
Mr McLaughlin is also involved with a range of private companies, including Riverdeep. He is heavily involved in property investment, and was recently named as one of the investors who profited from the sale of a property in Stillorgan, Co Dublin for more than €85 million. He has options over 55,000 shares in Elan but owns no shares in the company.
Elan also said yesterday that it had established a licence agreement that will allow Swiss pharmaceutical firm, Roche, to use Elan's nanocrystal technology in return for payment.
Elan shares closed 0.25 cents ahead at $27.70 in New York, where they are mainly traded.
