Of Some New Hiring at Merck (and Schering-Plough) -- And, Lower-Level Grant Ambiguities

Before we get to the hiring news -- apparently Schering-Plough takes care of the "lead-dogs, FIRST" -- as a commenter, below noted -- overnight:

. . . .Ironic that the EMT was given more [stock] options but directors [mid-level managers] still don't know how many options or grants they received with this year's AIP bonus. . . .

Next, here's an update on hiring, from last nights SEC filings, out of Whitehouse Station (Merck):

. . . .Q&A: Merger-Related Hiring Freeze

Q: Merck announced in early March that we and Schering-Plough would institute hiring freezes. Now I see we are posting jobs for BRGOS, sales reps and manufacturing jobs for vaccines. Why?

A: We did announce, along with Schering-Plough, a hiring freeze to keep roles open for Schering-Plough colleagues after close of the transaction. We also announced there would be exceptions for critical business needs, like BRGOS.

The jobs we have recently posted are critical jobs not only for BRGOS-related roles, but also for sales jobs in certain emerging markets and jobs supporting our vaccines supply. We are still committed to keeping roles open for employees in the new combined company. At the same time, though, we must remain focused on our business and ensure we have the talent to meet the current needs of our customers and patients around the world.

Schering-Plough will also likely move forward with externally filling a small number of roles for the launch of their product Saphris. . . . .

Schering-Plough is hiring new candidates, from outside the company, but still hasn't told mid-level people what their equity incentive looked like, for 2008 results. That's more than marginally troubling.

Make no mistake, now -- CEO Hassan, and his Top Five (and likely all the rest of the EMT) have received not one, not two -- but three heapin' helpins' o' equity-based compensation, just since Year-End 2008: on February 27, 2009 (during the Merck merger negotiations -- how on Earth do they find the time to "get it all done in a day"? -- and not find time to communicate to the lower-half of the house?!), April 1, 2009 (equity grant vesting causes increases in reported holdings) and now, ANOTHER new option grant -- on May 1, 2009.

How sadly predictable. I do wonder -- if you're one of the "lucky" Saphris new hires -- how secure will you feel, as you come to learn that many of your longer-tenured Schering colleagues will come lookin' to take your position -- once the freeze on inside-company transfers is lifted -- post-merger? And, what of all your new Merck colleagues -- once inter-company transfer freezes are lifted, post merger?

On the other hand, in this market, maybe you don't care -- eight to twelve months of a paid gig is better than nuthin', right?