Irish drugmaker Elan Corp. said Thursday it agreed on a new fixed-term employment pact under which CEO Kelly Martin will stay in his role until May 1, 2012.
Martin, 51, then will serve as the board's executive adviser through Jan. 31, 2013. The deal allows Martin, who had an open-ended agreement, and company directors to run "a comprehensive succession process," the company said in a statement.
Elan said the agreement also provides employees, investors and others "with clarity and continuity on the executive leadership of the company."
U.S.-traded shares of Elan fell 8 cents to $5.64 in Thursday afternoon trading.