Biogen Idec, Inc - Recent Material Event
Gregory F. Covino is expected to join Biogen Idec Inc. as Vice President, Finance on April 2, 2012 and will be appointed Chief Accounting Officer, replacing Biogen Idecs current Chief Accounting Officer, after the filing of Biogen Idecs Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2012.
Mr. Covino, age 46, has served at Boston Scientific Corporation (BSC), a medical device company, as Vice President, Corporate Analysis and Control Executive since 2010, and as Vice President, Finance, International from 2008 to 2010. At BSC, Mr. Covino was responsible for BSCs internal audit function and the financial activities of BSCs largest operating division. Prior to that, Mr. Covino held several finance positions at Hubbell Incorporated, an electrical products company, including Vice President, Chief Accounting Officer and Controller from 2002 to 2008, Interim Chief Financial Officer from 2004 to 2005, and Director, Corporate Accounting from 1999 to 2002.
Mr. Covinos base salary will be $310,000 per year and his target annual cash incentive opportunity will be 35% of base salary. In connection with his appointment, Mr. Covino will receive a long-term incentive grant, consisting of cash-settled performance shares (CSPSs) and market stock units (MSUs), with an aggregate grant date value of approximately 90% of Mr. Covinos base salary. The CSPSs and MSUs will be granted on the first trading day of the month following Mr. Covinos start date under the Biogen Idec Inc. 2008 Omnibus Equity Plan (2008 Plan). A description of the terms of the CSPSs, MSUs and 2008 Plan is set forth in Note 16, Share-based Payments to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2011.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Biogen Idec Inc.|
|Robert A. Licht|
|Senior Vice President|
Date: March 2, 2012