Troubled Irish pharmaceutical firm Elan moved to restore investor confidence as it announced that a former top executive of Merrill Lynch & Co would take over as chief executive.
Mr G. Kelly Martin (43) a US native who resigned in December as head of Merrill's brokerage operations outside the United States during a reshuffle, will take over in February from interim CEO Mr Garo Armen, who remains chairman, the company said.
Mr Martin, who spent 21 years at Merrill, eight of those years in Europe and three in Japan, said one of his first acts as CEO-designate would be to meet investors as the once high-flying company seeks to restore confidence in its battered stock.
"If you look at this company, you need to be able to marry world-class science with world-class business management and what I would hope to bring to the party fairly quickly is an ability from a business point of view," Kelly said.
He said that while he had no experience in the pharmaceuticals business, he hoped to bring "overall business leadership, operating skill to the company".
Elan, once the star of the Irish stock exchange with a market capitalisation of over $20 billion, fell to under $1 billion last year amid concerns about its accounting practices and a major glitch in tests for an Alzheimer drug.
Former CEO Mr Donal Geaney resigned as chairman and CEO last June. Shares in Elan, which peaked above €76 in June 2001, closed at €2.75 in Dublin on Monday.