Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On January 30, 2008, the Board of Directors (the “Board”) of Medarex, Inc. (‘Medarex”) was informed by Irwin Lerner, Chairman of the Board, of his intention to retire from the Board effective as of the date of Medarex’s annual shareholder meeting, scheduled for May 15, 2008 (the “Annual Meeting Date”). On January 31, 2008, the Board appointed, effective as of the Annual Meeting Date, (i) Mr. Lerner as honorary Chairman Emeritus of the Board, and (ii) Howard Pien, Medarex’s President and Chief Executive Officer, as the successor to Mr. Lerner as Chairman of the Board. On the same date, the Compensation and Organization Committee of the Board of Medarex approved the acceleration, on the Annual Meeting Date, of the vesting period of all unvested Medarex stock options held by Mr. Lerner on such date. The Board will elect a lead independent director as soon as practicable on or after the Annual Meeting Date. |
