Summary
This 8-K filing from Amgen Inc. announces significant leadership changes, primarily focusing on the internal promotion of Robert A. Bradway from Chief Financial Officer to President and Chief Operating Officer, effective May 11, 2010. This move signals a deepening of his responsibilities within the company. Concurrently, Michael A. Kelly, currently Chief Accounting Officer, has been appointed Acting Chief Financial Officer, also effective May 11, 2010. These appointments are accompanied by adjustments to their compensation packages and stock-based awards, reflecting their expanded roles. The filing also notes the upcoming retirement of George J. Morrow, Executive Vice President of Global Commercial Operations, effective January 31, 2011. While these changes represent a reshaping of key operational and financial leadership, Kevin Sharer will continue in his roles as Chief Executive Officer and Chairman of the Board.
Key Highlights
- 1Robert A. Bradway promoted to President and Chief Operating Officer.
- 2Michael A. Kelly appointed Acting Chief Financial Officer.
- 3Bradway's compensation increased, with a higher bonus target and equity grants (6,000 restricted stock units, 43,000 stock options).
- 4Kelly receives a salary increase, an increased incentive target, and a housing allowance due to relocation, along with a grant of 25,000 restricted stock units.
- 5George J. Morrow, EVP of Global Commercial Operations, to retire effective January 31, 2011.
- 6Kevin Sharer remains CEO and Chairman of the Board.
- 7No family relationships between new appointees and existing officers/directors.