Summary
Biogen Inc. announced a significant leadership change with the appointment of Christopher A. Viehbacher as its new President and Chief Executive Officer (CEO), effective November 14, 2022. Mr. Viehbacher brings extensive experience, including serving as Global CEO of Sanofi and co-founding Gurnet Point Capital. He will succeed Michel Vounatsos, who will step down as CEO and resign from the Board, remaining as an employee for a transitional period. This change in leadership marks a pivotal moment for Biogen as it navigates its future strategy and growth initiatives.
Key Highlights
- 1Christopher A. Viehbacher appointed as new President and CEO, effective November 14, 2022.
- 2Michel Vounatsos to step down as CEO and resign from the Board, assisting with transition.
- 3Mr. Viehbacher's background includes serving as Global CEO of Sanofi and Managing Partner at Gurnet Point Capital.
- 4Mr. Viehbacher's compensation package includes a $1,600,000 base salary and significant equity grants with performance-based vesting components.
- 5Initial equity grants for Mr. Viehbacher include stock options valued at $11.2 million and performance stock units (PSUs) with a target value of $16.8 million, tied to stock price growth and total shareholder return.
- 6Mr. Viehbacher is required to purchase at least $2,000,000 of Biogen stock, triggering an additional RSU grant of $2,000,000.
- 7The company disclosed severance terms for Mr. Viehbacher in case of termination without cause or resignation for good reason, including enhanced terms during a change in control.
Frequently Asked Questions
Christopher A. Viehbacher has been appointed as the new President and CEO of Biogen, effective November 14, 2022.
Mr. Viehbacher has a strong track record in the pharmaceutical industry, having served as Global CEO of Sanofi from 2008 to 2014 and co-founded Gurnet Point Capital in 2015, where he was a Managing Partner.
Mr. Viehbacher will receive an annual base salary of $1,600,000, with a target annual bonus of 150% of his salary. He will also receive initial equity grants valued at approximately $28 million in stock options and performance stock units (PSUs). Additionally, he is required to purchase $2 million of Biogen stock, which will be matched with a $2 million restricted stock unit (RSU) grant.
In the event of termination without cause or resignation for good reason, Mr. Viehbacher is eligible for severance including 1.5 times his salary plus target bonus, pro-rated bonus, 18 months of health benefits, and pro-rata vesting of equity awards. These benefits are enhanced in the event of a change in control.