The founder, former chairman and chief executive of Elan Corporation, Mr Donald Panoz, has retired from the board of the company. Mr Panoz has not been involved in the day-to-day running of the company for some years and will now devote his time to his other interests, including motor racing. Shareholders were told of Mr Panoz's decision at the company's annual general meeting in Dublin yesterday.

Mr Panoz is still one of the largest individual shareholders in the company, according to the company's annual report.