Tuesday, December 22, 2009

25,000 Share Celgene Stock Option For Carrie Cox -- At $51.78

Per a recently filed SEC Form 4, Celgene has already granted Ms. Cox a 25,000 share stock option -- in addition to the annual retainers for directors of the company:

. . . .The Celgene Option will vest and become exercisable in four equal annual installments commencing on December 16, 2010. . . .

At today's NASDAQ closing of $56.29, she is already in the money to the tune of over $112,000. She hasn't shown up for a single tough board meeting (one of seven per typical year; often held at resorts, or other exotic locations); she hasn't filled out an annual D&O questionnaire, yet -- to be named in the proxy -- and she's sitting on $112,000. That's more than many legacy (and soon-to-be) Ex-Schering-Plough employees made for the whole year 2009.

There are several things wrong with this picture.


Anonymous said...

money, money, money.....ala Cabaret!

I wonder, how many of the Celgene BoD members share service on other BoDs with Carrie--or maybe Fred?

Condor said...

Old Schering-Plough did a lot of banking (advisory) business through J.P. Morgan, and Celgene's current President and COO is former Managing Director of J.P. Morgan -- and, surprising no one -- J.P. Morgan was Merck's advisor in the most recent Schering-Plough wipe-out/bust-up:

. . . .Robert J. Hugin has served as our Chief Operating Officer and President since May 1, 2006. He served as our Senior Vice President and Chief Financial Officer from June 1999 until May 1, 2006. Mr. Hugin has served as one of our directors since December 2001. Previously, Mr. Hugin had been a Managing Director at J.P. Morgan & Co. Inc., which he joined in 1985. Mr. Hugin received an A.B. degree from Princeton University and an M.B.A. from the University of Virginia. Mr. Hugin is also a director of The Medicines Company, Atlantic Health System, Inc., a non-profit health care system, and Family Promise, a national non-profit network assisting homeless families. . . .

In addition, the Celgene CEO now serves on the board of Amicus -- where Ex-Old Merck Vaccines President Margie McGlynn just landed (on the board):

. . . .Sol J. Barer, Ph.D. has served as our Chief Executive Officer since May 1, 2006. Immediately prior, Dr. Barer served as our President, an office he held since October 1993, and as our Chief Operating Officer, an office he held since March 1994. Dr. Barer has served as the Chairman of our Board of Directors since January 2, 2007 and, since March 1994, has served as one of our directors. He is also the Chairman of the Executive Committee of our Board of Directors. Dr. Barer was Senior Vice President—Science and Technology and Vice President/General Manager—Chiral Products from October 1990 to October 1993 and our Vice President—Technology from September 1987 to October 1990. Dr. Barer received a Ph.D. in organic chemistry from Rutgers University and is on the Rutgers Board of Trustees, Rutgers Graduate School Dean’s Advisory Council (Founding Chair) and the Rutgers Bioscience Commercialization Advisory Board. Dr. Barer is also a director of Amicus Therapeutics and serves on the Board of Trustees of BioNJ and the Board of the Brooklyn College Foundation. Dr. Barer previously served as Commissioner of the New Jersey Commission on Science and Technology. . . .

Hmmmm. . . cozy!

Thanks for asking -- I'll make it a new post, above.

Anonymous said...

once at that level, it is not about saving/developing a company but rather it is all about taking care of one-another.

Very sad.

Or maybe I'm just jealous.