ImClone executives resign amid boardroom crisis

A company spokesman said that chairman David Kies had resigned for “personal and other reasons” while board member William Crouse did not give a reason for his departure. Mr Ichan holds a 14% stake in the company and is keen to shake up its management, which he believes will create more value for shareholders.

Last month Mr Ichan filed a proxy statement to remove half the board, including the members who have now left. Mr Ichan also opposed a recent offer from an unnamed bidder for ImClone at $36 a share, insisting that the company was worth more providing it was “run by competent people, including competent high-level management supervised by a competent board of directors.”

ImClone is best known for its cancer drug Erbitux.