Ian Gowrie-Smith has resigned as chairman of SkyePharma in a bid to end the British drug-maker’s recent acrimonious run-in with a group of disgruntled shareholders.
Mr Gowrie-Smith, who founded SkyePharma 10 years ago, said he would also not be standing for re-election as a director of the company when it decides on his replacement at a board meeting at the beginning of next month. He has been non-executive chairman since 2004.
His resignation follows a failed auction of SkyePharma at the end of last year and comes amid calls for his resignation from rebel shareholders.
It also comes amid a continuing search for a new chief executive, initially put in train last year but put on hold amid a strategic review that might have led to a company break-up.
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Mr Gowrie-Smith has previously stated his intention to step down when “appropriate” but said today that he hoped the move would “bring to an end the recent acrimonious period and spare shareholders and the company the expense and distraction of an extraordinary general meeting”.
Three rebel shareholders, holding 13 per cent of the shares, called late last week for an emergency meeting to oust Mr Gowrie-Smith - and replace him with Bob Thian, the chairman of specialist paper manufacturer Whatman.
As the board made clear today that it would “strenously oppose” any move by shareholders to force a new chief executive on to the board, Mr Gowrie-Smith vented his frustration with the rebels and defended the long-term strategy and future of the business.
“It is unfortunate that the short-term interests of a small group of shareholders can cause such disruption to the development of a company where real achievements are often measured in decades,” he said.
The three investors who called the emergency meeting are Morley Fund Management, Insight Investment and NAV, part of JO Hambro Capital Management.
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Mr Gowrie-Smith added that: “Building a pharmaceutical company is a long-term business and it is not surprising or unreasonable for investor patience to be tested from time to time.
“However, in ten years SkyePharma has come a very long way and now faces an exciting future with important products in late-stage development.”
Mr Gowrie-Smith said the board had identified a number of “excellent” candidates for both the chairman and chief executive’s job.
Shares in SkyePharma closed last week at 44p, valuing the drugs group at just under £332 million.
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