Bradway’s promotion indicates he is being groomed for the CEO position held by Kevin Sharer. Sharerwho is currently 62, is expected to retire upon his 65th birthday. All eyes should keep a close eye on Bradway. A Reuters article raised the specter that Amgen is moving more and more away from research and development towards acquisitions. The article pointed to Bradway’s promotion as another indicator of this growing trend.
Tuesday, April 27, 2010
Amgen Promotes CFO Bradway to President and COO - Succession Planning?
Amgen AMGN (NASDAQ), the world’s largest biotechnology company, announced the promotion of Robert Bradway, the firm’s CFO, to President and Chief Operations Officer. Bradway’s promotion comes at the same time it was announced that George Morrow, the firm’s highly regarded EVP of global commercial operations, would retire as of January 31, 2011. Amgen is currently awaiting a hoped-for approval from the FDA for its potential blockbuster osteoporosis drug denosumab. If the drug gets approved, Morrow would have been instrumental in the drug’s promotion and sale worldwide had his retirement not been announced. That new responsibility for sheparding the drug will now pass to Bradway.