One More Thing:Issues such as corporate governance are a priority for a company like Elan in light of its troubling track record of providing investors with nasty shocks on key drugs, and the accounting issues that nearly crippled the company five years ago.

Good then to see chairman Kyran McLaughlin announce a boardroom shake-up this week, with veteran neuroscientist Dr Floyd Bloom and former investment manager Jeff Shames joining as non-executive directors.

Making way are Dr Alan Gillespie, himself a noted expert in international finance. However, after 11 years in the role at Elan, there is little surprise at his retirement.

The same cannot be said for the second man to step aside. Liam Daniel only joined the Elan board four years ago. More significantly, while losing his directorship, he will remain a company officer - in the role of company secretary, where he has served since December 2001.

While the Elan statement speaks of achieving "an appropriate mix of complimentary industry experience and a balance between non-executive and executive participation that will ensure proper representation and governance on behalf of our shareholders globally", Irish market watchers are struggling to recall the last time a serving executive lost a boardroom seat except for reasons of illness or imminent retirement.