Elan Corp's highly-regarded chairman Mr Garo Armen said he will step down after steering the company through a crisis that brought it close to collapse.
"I was drafted by the board to take on this responsibility during a time of crisis. I am happy to report to you that we no longer have a crisis," the 51-year-old Turkish-born Armenian told reporters after Elan's annual investor meeting in Dublin today.
Mr Armen, who is also chairman and chief executive of US cancer drug company Antigenics Inc AGEN.O, declined to give an exact date for his departure but hinted he would probably not chair Elan's next annual general meeting.
He said he would remain on the board.
Mr Armen stepped into the breach as chairman and interim boss of Elan in mid-2002 after Mr Donal Geaney resigned under fire as the company's share price plummeted amid concerns over its liquidity and a probe by US authorities into its accounting practices.
Once Ireland's largest company, Elan has clawed its way back from the brink of bankruptcy by selling assets and slashing costs, and is pinning its future on the success of its multiple sclerosis (MS) drug Antegren.
Chief Executive Mr Kelly Martin, who took over the top spot in February last year, declined to comment on when Antegren as a treatment for MS might be approved by the US regulators.
However, analysts believe it could get the green light by November or December.
Elan's share price, which plunged to less than €2 in 2002 from a 2001 peak of nearly €74, was catapulted to two-year highs in March by news Elan was ready to seek approval for Antegren more than 12 months ahead of schedule.
If approved by the US Food and Drug Administration (FDA), Antegren would be a strong contender in a growing market underpinned by some one million MS sufferers worldwide.
Worth almost €22 billion three years ago, Elan currently has a market value of around €7 billion.