WALL STREET JOURNAL NEWS ROUNDUP
October 23, 2006; Page B11
ImClone Systems Inc. said Friday that it has appointed billionaire investor Carl Icahn chairman of its board's CEO search committee.
Mr. Icahn has been a sharp critic of the company for, among other things, not hiring a new chief executive and has said its interim CEO, Joseph Fischer, shouldn't be given a long-term contract because of his lack of expertise at biotechnology companies.
ImClone also on Friday named Icahn nominee Peter S. Liebert to its board, filling a vacancy. The naming of Dr. Liebert, chief of pediatric surgery at Stamford Hospital in Stamford, Conn., is the latest step in Mr. Icahn's battle to take control of the New York biopharmaceuticals company.
Mr. Icahn, who has a nearly 14% stake in ImClone, was appointed to the board in August, along with three of his nominees, and is still seeking the removal of four directors. David Kies, former chairman, and William Crouse stepped down from the board earlier this month amid pressure from Mr. Icahn.
With Dr. Liebert on the board, Mr. Icahn and his associates now have five of ImClone's 11 board seats.
The company also said in a Securities and Exchange Commission filing on Friday that it has appointed David Sidransky as a member of the board's compensation committee.
