Kelly Martin will step down from his role as chief executive officer of Elan Corp. on May 1, 2012. Mr. Martin will then serve as the board’s executive adviser through January 31, 2013. According to a company statement, the arrangement allows Mr. Martin, who had an open-ended agreement, and company directors, to run “a comprehensive succession process.” Elan’s chairman, Kyran McLaughlin, said, “Elan’s Board is committed to long term leadership succession pla...