As Amgen Pleads Guilty, Supervisors Remain Overextended

By Sonja Ryst, Financial Reporter

Amgen Inc. (AMGN) pleaded guilty Tuesday to illegally marketing its anemia drug Aranesp, and agreed to pay $762 million in criminal penalties and settlements of whistle-blower lawsuits, media such as the New York Times reported. As this regulatory issue winds to a close for the Thousand Oaks, Calif.-based biotechnology company, Amgen’s senior managers remain supervised by directors who have considerable duties to simultaneously perform at other companies.

Dr. Ronald D. Sugar sits on Amgen’s governance & nominating committee as well as its compensation & management development committee. At the same time, he chairs the audit committee of the oil company Chevron Corp., the audit and finance committee of the technology firm Apple Inc., and the compensation committee of the aircraft leasing company Air Lease Corp. Meanwhile Dr. Sugar also acts as senior advisor to the asset manager Ares Management L.L.C. and the defense firm Northrop Grumman Corp.

Amgen’s audit committee chairman, Frank J. Biondi, Jr., is also a director of Cablevision Systems Corp., the games company Hasbro, Inc., the hard disk drive manufacturer Seagate Technology, and the three-dimensional technologies licensor RealD Inc.

Meanwhile Amgen’s compensation committee chairman, Frank C. Herringer, is also a director of the brokerage The Charles Schwab Corp., the retailer Safeway Inc., and the biotechnology company Cardax Pharmaceuticals, Inc., Inc., according to Amgen’s most recent proxy filing.

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