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Amgen Reports Board Appointments; $2 Bln Increase In Buyback; Boosts Q1 Dividend

Amgen (AMGN) announced that it has appointed chief executive officer Robert Bradway as chairman of the Board. The company also revealed the appointment of director Vance Coffman as lead independent director. The company specified that both the appointments to be effective on January 1, 2013.

Separately, Amgen named Robert Eckert, former chief executive officer at Mattel, Inc., to its Board of Directors. Eckert will serve on the Audit and Corporate Responsibility and Compliance Committees of the Board.

Following the appointment of Eckert and the previously announced retirement of Kevin Sharer from the Board on December 31, the Board on January 1, 2013, will be comprised of 14 directors, 13 of whom are independent.

Robert Bradway served as Amgen's Chief Executive Officer since May 2012 and was appointed to the Amgen Board of Directors in October 2011. Coffman served as a director of the Company since October 2007. Eckert currently serves as non-executive Chairman at Mattel, Inc., where he served as Chief Executive Officer from 2000 through 2011.

Amgen also declared a $0.47 per share dividend for the first quarter of 2013, which is payable on March 7, 2013, to all stockholders of record as of the close of business on Feb. 13, 2013. This represents an approximate 31 percent increase from that paid in each of the previous four quarters.

Amgen's Board approved an increase in share repurchase authorization in the amount of $2 billion. This amount is in addition to about $0.5 billion remaining under the previously announced $10 billion share repurchase program. Amgen expects that the increase in repurchase authorization being announced will cover the company's share repurchase activity into 2014.

by RTTNews Staff Writer

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