Pharmaceutical company Celgene Corp. (CELG: Quote) said Thursday that it named Robert Hugin as its Chief Executive Officer, succeeding Dr. Sol Barer, who will be appointed as Executive Chairman of the Board of Directors through December 31, 2010.
The Summit, New Jersey-based company said that the appointments will be effective as of the company's annual meeting, scheduled on June 16, 2010.
Effective January 1, 2011, Dr. Barer will be named Non-Executive Chairman and will continue with Celgene in a consulting capacity.
Hugin has been the company's President and Chief Operating Officer since May 1, 2006. He joined Celgene in June 1999 as Senior Vice President and Chief Financial Officer. He has also served as a director of Celgene since December 2001.
The current CEO, Dr. Barer, has been in that role since May 1, 2006. Prior to that, he served as President since October 1993, and as Chief Operating Officer since March 1994. From January 2, 2007, Dr. Barer has served as the Chairman of the Board of Directors, and since March 1994, has served as a director. He is also the Chairman of the Executive Committee of the Board of Directors.
Commenting on the succession, Dr. Barer said, "The transition of leadership, with guidance from the Board of Directors, is a natural evolution of our long-term strategic planning. Bob brings strong leadership, experience, and continuity to our business that enables Celgene to continue our mission to become the premier biopharmaceutical company."
CELG closed Wednesday's regular trading session at $59.63, up $1.24, on a volume of 5 million shares.
by RTT Staff Writer
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