Amgen Gets a Reprieve From Activist Investor

There's no money left under the pillow, but Amgen (AMGN) execs and directors have been handed a gift. One of the most outspoken, large, individual investors in the biotech company who's been calling for the Board and CEO to go won't be attending its annual shareholder meeting after all.

Steve Silverman who has owned Amgen shares for about two decades and has gotten "very rich" off the investment, was the self-appointed ringleader of a shareholder protest of sorts.

On message boards, in chat rooms and in the media Mr. Silverman was trying to spearhead a campaign to oust Chairman and CEO Kevin Sharer and the Board of Directors. The 70-year-old retired insurance man admits it was a long shot.

He's upset over the stock's decline and what he sees as a series of management missteps. Amgen defends Sharer saying the company has grown "dramatically" on his watch.

Tuesday afternoon Mr. Silverman sent me an email saying he won't be speaking out at the meeting after all. He explained he had a toothache that required emergency root canal.

He added that he spoke to Sharer on the phone on Tuesday for almost 90 minutes and concluded, "He is interesting but definitely has his views and positions on the company. I still would not vote for him."

An Amgen spokesman confirms the phone call took place, but says that it didn't last quite as long.

Comments

[big1dog]

garbage--for the last year this company has underperformed. he is bailing. when will we see some upside?