Amgen (AMGN-NASDAQ) is naming a new CFO. Robert Bradway is replacing Richard Nanula, who is leaving to pursue other opportunities. Bradway came to Amgen in 2006 and prior to that he was with Morgan Stanley for 18 years out of the investment banking department. Nanula is going to remain for 90 days in transition.
Based on what has been a steady slide in what used to be one of the best biotech operators out there, this one is probably no shock at all. There hasn’t been any sort of financial scandal. All of the problems have been tied to reimbursements down the road and on newly emerging safety questions. The CFO is the one that signs the financial documents, but the CFO can’t control a forward Congress on reimbursement rates and the CFO sure can’t control the science.
The shares were actually up marginally in after-hours trading before drifting lower. They are not getting hit as though there is any large concern that larger issues are looming. Who knows for sure. It’s hard to imagine that too many CFO’s could blame Nanula for leaving, and even less of a question as to if he even wanted to remain. With the CFO leaving, it is hard to imagine that others might not be at least sprucing up their resumes.
Jon C. Ogg
April 10, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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