Two Top Elan Officers Lose Their Jobs

Elan Corp.’s top two executives lost their jobs at the Irish drug maker, whose shares have tumbled more than 90% since an accounting probe by the Securities and Exchange Commission began in February.

Former Chairman and Chief Executive Donal Geaney, 51, and Vice Chairman Thomas Lynch, 45, agreed to step down. The board determined a change was necessary, new Chairman Garo Armen said.

Elan was worth about $23 billion in June 2001, before the U.S. accounting investigation, cheaper competition for its best-selling medicine and the failure of an Alzheimer’s treatment whittled that down to less than $1 billion.

Shares of Elan fell 40 cents, or 18%, to $1.80 on the New York Stock Exchange.