2 directors leaving, Cambridge firm says
Cambridge biotechnology company Biogen Idec Inc. said two directors will be leaving its board. Spokeswoman Naomi Aoki said the company is likely to fill only one of the seats of the two departing members, bringing the number of directors down from 13 to 12.
The company also said its board has elected a new chairman, William D. Young, who has been a director for 12 years, effective Jan. 1. Young will succeed Bruce R. Ross, who has been chairman for the past four years. Ross, 68, will step down as chairman Jan. 1 but will remain on the board until the annual shareholders meeting next spring. Another director, Marjin E. Dekkers has resigned, effective Dec. 31, to become chief executive of Bayer HealthCare, which competes with Biogen Idec in some product areas.
The company will elect four directors next spring. It is also working to fill vacancies left by two other directors, Phillip Sharp and Cecil Pickett, who retired earlier this year. Those seats don’t come up for reelection next year.
Billionaire investor Carl Ichan, who owns a signifcant stake in Biogen Idec and has been critical of its management, succeeded last spring in getting two of his nominees elected to the board. With four other directors set to be elected next spring, Icahn could conceivably take control of half the board if he managed to get four of him nominees elected.
