Elan Corp plc，a biotechnology company, reported on Thursday that it has agreed with Kelly Martin, its Chief Executive Officer, to change his employment contract from an open-ended agreement to a fixed term agreement.
Elan said in a statement that Mr. Martin would serve as CEO and board member until May 1, 2012, "with a provision to then serve the board as executive adviser through Jan. 31, 2013."
Elan's Chairman, Mr 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 recognise 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."
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