ImClone Systems is witnessing the departure of another chief executive, after Daniel Lynch offered his resignation “by mutual agreement” with the board. Mr Lynch replaced Samuel Waksal, who is currently behind bars serving seven years for insider trading, and his brother Harlan who stepped in as CEO but resigned himself in 2003 [[13/06/02a]], [[22/07/03a]].

No mention was made as to the reasons for Mr Lynch’s resignation, but investors seemed less than bothered, with the firm’s share price remaining flat on the Nasdaq Stock Exchange yesterday.

Dr Philip Frost, the company’s chief executive vice president and chief scientific officer, will serve as interim CEO while the board searches for a replacement for Mr Lynch; he had been in the post since February last year but had acted as interim CEO since April 2003.