Amgen says CEO Kevin Sharer will retire in 2012

AP News
Posted: Dec 15, 2011 6:14 PM
Amgen says CEO Kevin Sharer will retire in 2012

Amgen Inc., the world's largest biotech drugmaker, said Thursday that Chairman and CEO Kevin Sharer will retire in 2012 and be replaced by President and Chief Operating Officer Robert Bradway.

Bradway, 48, will become CEO on May 23 and will replace Sharer as chairman at the end of 2012. Sharer, 63, has been Amgen's CEO since May 2000 and was elected chairman in January 2001. He was the president of the company from 1992 to 2010. Amgen said its revenue grew to $16 billion from $3.6 billion during Sharer's tenure as chairman and CEO.

Amgen hired Bradway as vice president of operations in 2006. He was named CFO the following year and became chief operating officer and replaced Sharer as president in 2010. When he becomes CEO, Bradway will be Amgen's fourth chief executive in its history.

The Thousand Oaks, Calif., company said it will also elect a lead independent director when Bradway becomes chairman at the end of next year.

Sharer received compensation valued at $21 million in 2010, according to a calculation by The Associated Press, up 38 percent from 2009. Amgen said his compensation increased because the company reached several operational performance targets, including revenue and adjusted earnings-per-share growth.

Amgen also said Roger Perlmutter will retire as head of research and development Feb. 13. Perlmutter, 59, joined the company in 2000. He will be replaced by Sean Harper, 49, who has been with the company since 2002 and is currently chief medical officer and in charge of global development. Perlmutter will continue to consult with the company through February 2013.

During the past decade, Amgen has received regulatory approval for drugs including Neulasta for preventing infections in cancer patients undergoing chemotherapy, Prolia for osteoporosis, and Xgeva for the prevention of fractures or other serious bone complications in patients with advanced forms of cancer.

Separately, the company declared a quarterly dividend of 36 cents, up 29 percent from its prior payout. It is payable March 7 to shareholders of record Feb. 15.

In after-hours trading, Amgen shares added 18 cents to $58.80, adding to the day's 1.7 percent gain. Over the past year, shares have traded between $47.66 and $61.53.