Summary
Amgen Inc. (AMGN) has filed an 8-K report to announce significant changes in its financial leadership. Effective September 1, 2010, Jonathan M. Peacock will assume the role of Chief Financial Officer (CFO). Mr. Peacock brings extensive experience from his previous roles, including Chief Financial & Administration Officer at Novartis Pharmaceuticals AG and partner at McKinsey & Co. and Price Waterhouse. This appointment marks a transition from the Acting CFO, Michael A. Kelly, who will move to a new role as Vice President, International Finance, based in Zug, Switzerland. While Mr. Kelly will transition out of his executive officer status, Mr. Peacock will be an executive officer. Investors can view this as a strategic move to bring in new financial expertise to guide the company.
Key Highlights
- 1Jonathan M. Peacock appointed as the new Chief Financial Officer (CFO), effective September 1, 2010.
- 2Michael A. Kelly will transition from Acting CFO to Vice President, International Finance.
- 3Mr. Peacock has a strong background with prior roles at Novartis, McKinsey & Co., and Price Waterhouse.
- 4Mr. Peacock's compensation package includes a base salary of $800,000, an incentive target of 80% of base, and a $1,000,000 sign-on bonus.
- 5Mr. Peacock will receive grants of 100,000 restricted stock units and 175,000 stock options.
- 6A relocation package valued up to $400,000, including tax gross-ups, is provided to Mr. Peacock.
- 7Mr. Kelly will relocate to Zug, Switzerland, to assume his new international finance role.