>I'd say the next piece of news should be an upgrade from an investment firm or brokerage somewhere.
almost, but not quite ... <vbg>
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Tobin Says He Left Biogen CEO Post Over Conflict, Not New Job
Beaver Creek, Colorado, Dec. 29 (Bloomberg) -- James Tobin said he didn't resign suddenly last week as Biogen Inc.'s chief executive to take another job -- he quit one of the top U.S. biotech companies over conflicts with Chairman James L. Vincent.
Tobin, 54, said today that he complained to Biogen's board earlier this month about Vincent, saying the directors had to choose between the two executives. Analysts who follow the company said Vincent, 59, can be difficult to get along with and has a reputation for being a micromanager.
Tobin declined to discuss specifics of the conflict. "When I get fed up, I just leave," he said in a phone interview from Beaver Creek, Colorado, where he's on a ski vacation. "It took me about four days to get over the fact that I'm not going to be doing that anymore. Now I'm moving on."
Tobin said he spent several months preparing for the possibility that he'd resign, hoping to ensure a smooth management transition at the maker of Avonex -- the best-selling multiple-sclerosis treatment in the U.S. "Things are going very well in the company -- both with Avonex and with the pipeline," Tobin said. "From my point of view, I had things on track."
Tobin said he lost rights to yet-to-be-vested options on about 700,000 Biogen shares for $35 apiece. The stock rose 5/8 to 79 1/4 today, giving those options a value of about $31 million.
Still, he's not walking away emptyhanded. Tobin has some 700,000 options already vested. Last year, Biogen paid him a salary and bonus totaling $973,000.
While he's received several queries from potential employers, Tobin said that he's in no rush to find a job and won't consider his options until after returning to Massachusetts from his ski trip.
Analysts speculate that Tobin may be a candidate for chief operating officer at Boston Scientific Corp., a medical-device maker that's bigger than Biogen.
Tobin said he has an appointment in February to have breakfast with the company's chairman and chief executive, Peter Nicholas, though he said he's not interested in the COO position. "They need a good number two. That isn't me," Tobin said. "They've already got a number one."
Tobin's worked at Biogen for five years, the last year as chief executive. He helped build Avonex into a blockbuster drug. Biogen's shares have more than doubled this year, making it the best performer among large biotech companies.
Vincent wasn't available for comment.
Biogen spokeswoman Lisa Easley said she had little to add to the company's original statement that Tobin left for personal reasons. "In any situation, people don't get along 100 percent of the time -- especially senior executives," she said. "The company and Jim Tobin agreed that he resigned for personal reasons and that's what we're sticking with."
quote.bloomberg.com |
