ICN Pledges to Work With New Directors

Costa Mesa drug maker ICN Pharmaceuticals Inc. said its senior management, including Chairman and Chief Executive Milan Panic, remained in place five days after an inspector’s preliminary report had shown that three dissidents were elected to the company’s board by a 3-to-1 margin.

Panic, the company’s founder, had opposed the slate, led by Franklin Mutual Advisers and Iridian Asset Management. Last year, management lost three seats to a slate backed by a small European investment group, which means non-management selections will dominate the nine-person board.

ICN on Monday pledged its cooperation with the board once its new members begin their terms.

Panic has been criticized by some shareholders for not doing enough to boost ICN’s lagging stock price. The stock is down more than 20% since late March, just before the latest proxy fight began. Shares gained 45 cents to close at $25.20 on the NYSE.