Reuters exclusively reports 10 pct cut in Elan workforce, while execs fly in private jet

Reuters exclusively reported on Jan 25 that Irish drugmaker Elan Corp had quietly laid off 10 percent of its workforce, mostly at its research and development unit. The board was notified of the 130 layoffs after company executives flew to New York from San Francisco by private jet, Reuters reported. Elans use of private jets has been a sore point with investors for several years. In 2009 it said it had stopped using private jets but records held at the FAA show Elan continues to be a part owner in a Gulfstream G-400 jet, one of the largest in the fleet run by NetJets. The Reuters story was heavily tweeted on Twitter and Elans shares fell 1.6 percent in Europe the next day.