Carl Icahn eyes Biotech leader Genzyme Corp
| February 23rd, 2010 | ||
| Pressure on Henri A. Termeer, chief executive of American biotechnology giant Genzyme Corporation (NASDAQ: GENZ), has been steadily mounting as the company’s stock drops to a five-year low. According to the New York Times, Mr. Termeer’s trouble will only continue to intensify after an announcement yesterday that famous activist shareholder Carl Icahn and three of his associates will seek seats on the company’s nine-member board. While Mr. Icahn and his hedge fund management firm have not yet provided details, Mr. Termeer has stated that a proxy battle for control of Genzyme will not solve the company’s problems and that ousting the current leadership is not a responsible solution. According to the Times, while some analysts state that new management is necessary to overhaul Genzyme and save its plummeting stock values, many shareholders and investors stand behind Mr. Termeer, who has served as Genzyme’s CEO for 25 years. | ||
For Detailed Investor Profiles on these Investors, click below: |
Icahn Associates (Carl Icahn) |
Related People: Alexander J. Denner;
Related Entities: High River Limited Partnership;
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles
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