Jack Schuler and CrabTree Partners are pissed at Elan’s CEO, Kelly Martin (above). On Friday, CrabTree, which owns about 1% of Elan, called on the BOD to remove Martin and make “key changes” in management and structure because of what it called “gross incompetence.” Elan’s stock has been destroyed this year by weak(er) Tysabri sales, poor Crohn’s penetration, and more PML reports in MS patients.

Schuler goes on to say:

“Lack of relevant industry experience, gross incompetence related to the management of Tysabri and its partnership with Biogen, and egregious misuse of company resources have caused investors to lose confidence in Mr. Martin and his management team. Given the company’s unacceptable performance, the board has a fiduciary obligation to take immediate action.”

We’ll follow this one closely.

Read more at Yahoo.

Image from daylife

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