Summary
Amgen Inc. (AMGN) filed an 8-K on June 9, 2014, to announce a significant change in its executive leadership. The company appointed David W. Meline as its new Executive Vice President and Chief Financial Officer (CFO), effective July 21, 2014. Mr. Meline brings extensive financial experience, most recently serving as CFO for 3M Company, and previously holding senior finance roles at General Motors. This appointment marks a transition for Amgen's financial leadership, with Michael A. Kelly stepping down as Acting CFO on the same effective date. The filing details Mr. Meline's compensation package, including a substantial base salary, performance-based incentive target, a significant sign-on bonus with vesting and recoupment provisions, and a large restricted stock unit grant intended to align his interests with shareholders. Additionally, a contribution to a deferred compensation plan and comprehensive relocation assistance are provided. The company also outlined severance protections and standard perquisites for Mr. Meline.
Key Highlights
- 1Appointment of David W. Meline as Executive Vice President and Chief Financial Officer (CFO), effective July 21, 2014.
- 2Departure of Michael A. Kelly as Acting CFO, effective July 21, 2014.
- 3Mr. Meline's prior experience includes serving as CFO of 3M Company and various senior finance roles at General Motors.
- 4Mr. Meline's compensation package includes an annual base salary of $900,000.
- 5Eligible for a management incentive plan with a target of 90% of base compensation.
- 6Receives a $2,000,000 sign-on bonus with a 24-month recoupment provision.
- 7Awarded a restricted stock unit grant valued at $6,800,000 and a $1,600,000 contribution to a deferred compensation plan.