Enzon Pharmaceuticals, Inc. (Nasdaq:ENZN) announced that in an effort to
enhance corporate governance, it has added a new position of
non-executive Chairman of the Board. The Company has also expanded the
board with one new independent Director.
The Board of Directors has appointed Dr. Alexander J. Denner as
non-executive Chairman of the Board, effective immediately. Dr. Denner
was recently elected as a Director at the Company’s annual meeting in
May 2009. Jeffrey H. Buchalter, who served as executive Chairman will
continue to serve as a Director as well as President and Chief Executive
Officer. This change separates the role of CEO and Chairman and is in
line with current governance best practices.
Also today, Harold J. Levy, senior executive of Iridian Asset Management
LLC, has joined the Company’s Board of Directors. Iridian is Enzon’s
largest shareholder with beneficial ownership of approximately 18
percent.
“I look forward to Alex Denner’s and Harold Levy’s contributions in
their new roles and appreciate their ongoing confidence in our strategy.
Enzon is well positioned today thanks to the efforts of our management
team, employees and Board of Directors,” said Jeffrey Buchalter, Chief
Executive Officer and President of Enzon. “I remain committed to leading
Enzon through the next steps of its development.”
“Enzon has demonstrated its commitment to good governance and
constructive collaboration with shareholders,” said Dr. Denner. “The
Board, whose members now represent more than 25% of the Company’s total
ownership, supports Jeff as the chief executive officer of Enzon. His
leadership is an important part of realizing Enzon’s strategic plan and
value potential.”
“Iridian believes strongly in Enzon,” said Mr. Levy. “I look forward to
serving on the Enzon Board.”
Dr. Denner further stated: “I would like to thank the DellaCamera Group
for their suggestions about enhancing shareholder value at Enzon and
look forward to continuing the communication with all shareholders.”
Further, the Company amended its shareholder rights plan to allow up to
a 19% ownership threshold for any shareholder or group of shareholders,
removing the previous distinction between schedule 13D and 13G filers.
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Enzon Pharmaceuticals, Inc.
