Eugene Melnyk changes board of Biovail Corp.

Biovail Corp.'s founder and largest shareholder, Eugene Melnyk, said he will propose an “alternative slate'' of nominees to the board of the Canadian drugmaker and won't seek election.

Melnyk cited his “ongoing dissatisfaction'' with the company and its performance, and his lack of confidence that an ongoing strategic review will bring about an improvement.

Biovail Corporation is Canada's largest pharmaceutical company, operating internationally in all aspects of pharmaceutical products. Its major production facility is located in Steinbach, Manitoba.

Eugene Melnyk (born May 27, 1959 in Toronto, Ontario ) is a Canadian businessman of Ukrainian origin who now resides in Barbados. He is the current owner, governor and chairman of the Ottawa Senators professional ice hockey club of the National Hockey League (NHL). He also owns the Mississauga St. Michael's Majors junior-age ice hockey club. He is the former chairman and chief executive officer of Biovail Corporation and former owner of Trimel Corporation.

Eugene Melnyk is an Honorary Director of "Help Us Help the Children" and a benefactor of Tourette Syndrome Foundation of Canada. He donated $1 million to the Belmont Child Care Association for the 2002 construction of a childcare center at Belmont Park.