Proxy war heats up as Icahn calls for Amylin chairman's resignation

16 April 2009

Billionaire investor Carl Icahn sent a letter to Amylin Pharmaceuticals Inc's chairman Joseph Cook on Wednesday demanding his resignation as part of his power play to place a slate of nominees on the board of directors.

Given that Amylin is failing, he asked Cook to step down in place of his nominees.

In a letter to Cook, Icahn claimed that the company lost enormous stockholder value during Cook's time and Cook should step down in the face of demands from rebel shareholders.

''Like an 'imperial' chairman you have taken steps to entrench yourself that we believe to be unconscionable,'' Icahn said in the letter.
 Icahn, who owns about 9.43 per cent of Amylin stock, is trying to replace five of the 12 board members with his own choices. (See: Amylin shares up as Icahn consolidates stake).

Meanwhile, West Coast investment firm Eastbourne Capital, which owns a 12.5 per cent stake in Amylin, has said it would nominate a slate of five directors.

Amylin has named two new director nominees, including Paul N Clark, former chairman and chief executive of Icos Corp, and Paulo F Costa, former chairman and CEO of Novartis US.