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Dan Loeb got his wish yesterday - the head of PDL BioPharma, Inc. (Nasdaq: PDLI) CEO Mark McDade.

PDL BioPharma, announced that a three-month internal investigation of the company's chief executive officer (CEO), Mark McDade, found no credible evidence of improper personal conduct or breach of fiduciary duty by McDade to corroborate the various allegations investigated. The company also announced that McDade, following the investigation and due to the personal toll created by the unsubstantiated rumors and related investigation, has decided to step down as CEO and a member of the board by the end of 2007.

Loeb's Third Point LLC has also been pushing for a sale of PDLI. So yesterday's announcement could re-ignite takeover talk on the stock.

PDLI 1-yr chart

PDLI

Source: PDL BioPharma: Loeb Finally Gets CEO McDade's Head