Summary
Amgen Inc. (AMGN) filed a Form 8-K on October 2, 2007, reporting the appointment of Vance D. Coffman as a new director to its Board, effective immediately. Dr. Coffman, formerly CEO and Chairman of Lockheed Martin, brings significant experience in the high-technology sector. His appointment is a strategic move to enhance the board's expertise, particularly within the Audit and Governance and Nominating Committees. Dr. Coffman's compensation as a director includes a prorated annual retainer, per-meeting fees for board and committee attendance, and reimbursement for expenses. Furthermore, he will receive an initial grant of 20,000 stock options and is eligible for subsequent annual equity awards under Amgen's director compensation plans, including restricted stock units and additional stock options. This appointment, along with the equity grants, signals Amgen's commitment to aligning director incentives with shareholder value.
Key Highlights
- 1Amgen Inc. appointed Vance D. Coffman as a new director to its Board of Directors, effective October 2, 2007.
- 2Dr. Coffman is the former Chief Executive Officer and Chairman of Lockheed Martin Corporation, bringing extensive high-technology industry experience.
- 3He will serve as a member of the Audit and Governance and Nominating Committees.
- 4Dr. Coffman is entitled to a prorated annual retainer and per-meeting fees for Board and committee attendance.
- 5He will receive an inaugural grant of 20,000 stock options.
- 6Dr. Coffman is also eligible for annual grants of restricted stock units and stock options as per Amgen's director equity incentive programs.