8-KLeadership ChangesRegulation FDExhibits & Filings

BIOGEN INC. 8-K Report, Executive Changes (Oct 30, 2024)

Filed October 30, 2024For Securities:BIIB

Summary

Biogen Inc. (BIIB) announced a planned leadership transition in its finance department via an 8-K filing dated October 30, 2024. Chief Financial Officer Michael McDonnell will retire effective February 28, 2025, after a distinguished tenure. To ensure a seamless handover, Mr. McDonnell will work closely with his successor, Robin Kramer, who has been appointed as the new Chief Financial Officer. Ms. Kramer's appointment will be effective upon Mr. McDonnell's retirement, signaling a new chapter for Biogen's financial leadership.

Key Highlights

  • 1Biogen's CFO, Michael McDonnell, will retire on February 28, 2025, after his service to the company.
  • 2Robin Kramer, currently the Chief Accounting Officer and Head of Global Business Services and Treasury, has been appointed as the new Chief Financial Officer.
  • 3Ms. Kramer's appointment is effective upon Mr. McDonnell's retirement, ensuring continuity in financial leadership.
  • 4Mr. McDonnell will assist in a smooth transition of responsibilities to Ms. Kramer.
  • 5Ms. Kramer's compensation package includes a base salary of $750,000, a target bonus of 80% of base salary, and a target Long-Term Incentive (LTI) grant value of $3,750,000 for 2025.
  • 6Ms. Kramer is also covered by an executive severance plan which includes provisions for termination payments and continuation of medical/dental benefits.
  • 7The company issued a press release on October 28, 2024, to announce these leadership changes.

Frequently Asked Questions

The most significant change is the planned retirement of Biogen's Chief Financial Officer, Michael McDonnell, effective February 28, 2025, and the appointment of Robin Kramer as his successor.

The new Chief Financial Officer is Robin Kramer. She has been with Biogen since 2018 and most recently served as Chief Accounting Officer and Head of Global Business Services and Treasury. Her prior experience includes senior finance roles at major companies and a background as an audit partner at Big Four accounting firms.

Ms. Kramer's compensation includes a base salary of $750,000, a target annual bonus of 80% of her base salary, and a target Long-Term Incentive (LTI) grant value of $3,750,000 for 2025.

Yes, Ms. Kramer is entitled to benefits under the existing executive severance plan for Executive Vice Presidents. This plan includes provisions for severance payments based on termination circumstances and years of service, as well as continuation of medical and dental insurance benefits.