Enzon splits role of CEO, chairman and adds new director to board

By Lisa Kerner

Charlotte, N.C., July 23 - Enzon Pharmaceuticals, Inc. separated the role of chief executive officer and chairman, naming recently elected director Dr. Alexander J. Denner as non-executive chairman of the board of directors, it was announced on Thursday.

The appointment is effective immediately, according to an Enzon news release.

Jeffrey H. Buchalter, who was the executive chairman, will continue as a director and in his role as president and CEO of the Bridgewater, N.J., biopharmaceutical company.

Enzon also added a new independent director to its expanded board, Harold J. Levy, senior executive of Iridian Asset Management LLC.

Iridian is the company's largest shareholder with beneficial ownership of approximately 18% of its stock, Enzon said.

Denner thanked shareholder DellaCamera Group for its "suggestions about enhancing shareholder value at Enzon" and said he looks forward to "continuing the communication with all shareholders."

DellaCamera Capital Management, LLC and its affiliates, with an approximate 8.3% stake in Enzon, withdrew their consent solicitation to amend Enzon's bylaws and to remove Buchalter but did not enter into any standstill agreement with the company.

"With the separation of the roles of chairman and CEO, we believe the vise-like grip that CEO and former chairman Jeffrey H. Buchalter has had on this company has been significantly loosened," Richard Mansouri, portfolio manager and head of research at DellaCamera, said in a statement.

DellaCamera has been actively seeking changes at Enzon since January.

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