Last week it was announced that activist investors Carl Icahn and Eastbourne Capital Management had successfully elected Dr. Alexander J. Denner and Dr. Kathleen Behrens, respectively, to the board of directors of Amylin Pharmaceuticals (AMLN). Yesterday, the activists received even more good news when they learned that among the two directors who lost their seats was Joseph C. Cook, Jr., Amylin's Chairman. Industry analysts expect the activist investors to use their new power to influence and alter the strategic direction of the company.
Throughout the heated proxy contest, Mr. Icahn had been very critical of Mr. Cook and had called for his resignation. Mr. Cook has been the Chairman of the Board since March 1998 and currently serves as chair of the company’s Finance Committee. He served as Chief Executive Officer of Amylin from March 1998 until September 2003.
The other deposed director is James N. Wilson. Mr. Wilson has served as a director of Amlyn since March 2002 and was the company’s Lead Independent Director. He served as the chair of our Compensation and Human Resources Committee and on the Corporate Governance Committee. Separately, he is the Chairman of the Board of both Corcept Therapeutics and NuGEN.
In its press release, Amylin issued the following statement: “We thank all our shareholders for their support and greatly appreciate the valuable insights offered to our Board and management team. We are also grateful for the significant contributions and guidance provided by outgoing Directors Joe Cook and Jim Wilson. Their industry knowledge, expertise and leadership have been important assets to Amylin over their many years of service, and we wish them well in their future endeavors.” |
