Elan makes changes after Reuters analysis; WSJ follows

One day after a December 10 in-depth story by Reuters revealed growing investor anger at the company’s board and management, Elan Corp announced measures designed to quell those concerns. Specifically, Reuters noted the company’s use of private jets, the CEO’s undisclosed role as director of a hedge fund, and his decision not to work at either of the company’s main locations in San Francisco or Ireland. Reuters also outlined the perceived inefficiencies in the company’s structure, with operations spread across seven locations and three continents a few weeks earlier in a story from the Reuters Health Summit. The company announced on Dec 12 it would close its New York and Tokyo offices and said its CEO, Kelly Martin, would move to San Francisco. In addition, after questions from Reuters, Martin removed his name from the web site of hedge fund Kinsale Capital Management, where he had previously been listed as a director and shareholder. And then, on Dec. 12, a major shareholder called for Martin to step down. The Wall Street Journal produced a similar story about Elan two days after the Reuters analysis.