Amylin CEO Bradbury Loses Chairman, Lead Director: Will He Be Next?

Can Amylin CEO Dan Bradbury survive now that he has lost his board chairman and lead director to nominees selected by insurgent investors Carl Icahn and Eastbourne Capital?

It's a legitimate question, especially when you add to the mix the fact that Amylin founder Howard Greene sides with the Axis of Icahn, which owns 21 percent of the company's shares. Here's what Greene told Bloomberg:

I am smiling at the results.

Greene had called for the resignation of chairman Joseph Cook prior to Cook losing his election to the Icahn/Eastbourne nominees.

A few days ago, when only the preliminary results were available, BNET noted that although Bradbury's life with the board may get more difficult and complicated, he still had a 10-member majority supporting him. He probably felt chastened but little more than that.

Now we learn that the two who lost their seats were the two most important members of the board for Bradbury. His remaining supporters on the board are seat-fillers compared to Cook and lead director James N. Wilson.

So this is a bigger victory for Icahn and Eastbourne than we first realized.

Bradbury (pictured) has already showed that he's no master of corporate strategy -- over the last couple of years he has added 540 sales reps to the Byetta sales force and then laid them off to reduce costs. The moves have won him no friends at the company. Check this thread at Cafe Pharma.

Cafe Pharma is a notoriously unreliable source of information, and may have been abused by sock puppets during the proxy fight, but not all of these posts can be fake. The one thing Cafe Pharma is good at is identifying the hot-button issues within companies. It appears Bradbury is one. (Although it's probably unfair for people to pick on him for stuttering.)

Lastly: Note that the market has remained unmoved by the Icahn/Eastbourne victory. The stock has barely shifted, as of writing.

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