Biogen Idec announces retirement of chairman

Biogen Idec has announced that William Young will be retiring from the company's board of directors after its 2014 annual meeting of stockholders.

Mr Young has been a member of the board since 1997 and has served as chairman since 2010. He has been credited for leading the firm through a difficult period, spearheading the recruitment of a new management team and ultimately driving unprecedented growth for the business.

He will be succeeded as chairman by Dr Stelios Papadopoulos, who has been a member of the board since 2008. He is the former vice-chairman of Cowen and Co and the current chairman of the board at Exelixis and Regulus Therapeutics.

Dr George Scangos, chief executive officer of Biogen Idec, said: "Bill's leadership and dedication to Biogen Idec cannot be overstated. The integrity and determination that he brought to this organisation serve as a benchmark for future leaders to follow."

Last year, the company saw strong year-on-year growth of 26 percent, thanks to the performance of drugs such as Avonex, Tysabri and Tecfidera.