Times Staff and Wire Reports

Embattled ICN Chief Keeps His Job: ICN Pharmaceuticals Inc. has given its controversial chairman, Milan Panic, a three-year extension on his contract. The move is disclosed in the drug company's proxy statement for its annual shareholders meeting, scheduled for Nov. 10 at its corporate headquarters in Costa Mesa. The extension should put to rest rumors earlier this year that Panic's contract might not be extended in the wake of insider-trading allegations and a lawsuit accusing him of sexual harassment. Panic, who has denied the allegations, is being investigated by the Securities and Exchange Commission. Some critics viewed the extension as business as usual by directors who have staunchly supported Panic. David Watt, ICN's legal counsel, attributed Panic's extended tenure as chairman, chief executive and president to the company's strong financial performance since four affiliated firms were merged to form ICN last fall.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World