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Amgen CEO Kevin Sharer to step down in 2012

President and chief operating officer Robert Bradway will replace Sharer at the biotech in May

Amgen's CEO Kevin Sharer is set to retire in May next year, when he will be replaced by the US biotech's current president and chief operating officer Robert Bradway.

Sharer will remain as chair of the board of directors until December 2012, after which the company said it intends to elect Bradway to that position as well.

It is not the only change at the top for Amgen, which also announced the retirement of executive vice president of R&D Roger Perlmutter and lined up Sean Harper to replace him in February, 2012.

Sharer has served as CEO of the US pharma company since 2000, having previously served as president of the company. During his time the head of the company its annual revenue grew from $3.6bn to $16bn.

His replacement, Bradway, has been at Amgen since 2006, initially serving as vice president in operations before becoming chief financial officer in 2007. He has been president and chief operating officer since 2010.

Previously, Bradway spent 19 years with financial advisers Morgan Stanley, including working as MD for the company's London business.

Meanwhile, Perlmutter has been at Amgen since 2000. Following his retirement in February, he will work as a consultant to aid the transition of duties to Harper.

Harper currently holds the positions of senior vice president, global development and chief medical officer at the company and prior to joining the company in 2002 he worked at Merck Research Laboratories.

Commenting on the promotions, outgoing CEO Sharer said: "Bob and Sean have demonstrated sound judgment, delivered consistently excellent operating results and provided strong leadership in a variety of challenging roles.”

19th December 2011

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