Celgene Corporation Announces Senior Management Succession

Celgene Corporation Announces Senior Management Succession

April 29, 2010 04:03 AM Eastern Daylight Time 

SUMMIT, N.J.--(EON: Enhanced Online News)--Celgene Corporation (NASDAQ: CELG) today announced its senior management succession plan. As of the Company's annual meeting, scheduled on June 16, 2010, Dr. Sol J. Barer currently Chief Executive Officer, will be appointed Executive Chairman of the Board of Directors through December 31, 2010 and Robert J. Hugin, currently President and Chief Operating Officer, will be appointed Chief Executive Officer of Celgene Corporation.

Dr. Barer has served as Chief Executive Officer of Celgene since May 1, 2006. Immediately prior, Dr. Barer served as President, an office he held since October 1993, and as Chief Operating Officer, an office he held since March 1994. Dr. Barer has served as the Chairman of the Board of Directors since January 2, 2007 and, since March 1994, has served as a director. He is also the Chairman of the Executive Committee of the Board of Directors.

Effective January 1, 2011, Dr. Barer will be named Non-Executive Chairman and will continue with Celgene in a consulting capacity maintaining his engagement and guidance in strategic and scientific strategies.

Mr. Hugin has been a member of the Celgene leadership team for eleven years. He has served as Chief Operating Officer and President since May 1, 2006. He joined Celgene as Senior Vice President and Chief Financial Officer in June 1999 and served in that capacity until May 1, 2006. Mr. Hugin has served as a director of Celgene since December 2001.

During Dr. Barer's tenure, Celgene achieved unprecedented growth in the Company's research and development pipeline, clinical progress and financial and commercial results. Dr. Barer's vision, leadership and relentless focus on the patient has enabled Celgene to change the course of medicine through bold pursuits in science, and a commitment to always put patients first.

Commenting on the succession, Dr. Barer said, "The transition of leadership, with guidance from the Board of Directors, is a natural evolution of our long-term strategic planning. I am extremely pleased to pass the leadership of Celgene to Bob Hugin with whom, I have worked in close partnership over the last eleven years. Bob brings strong leadership, experience, and continuity to our business that enables Celgene to continue our mission to become the premier biopharmaceutical company."

About Celgene

Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global pharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. For more information, please visit the Company's website at www.celgene.com.

This release contains forward-looking statements which are subject to known and unknown risks, delays, uncertainties and other factors not under the Company's control, which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations expressed or implied by these forward-looking statements. These factors include results of current or pending research and development activities, actions by the FDA and other regulatory authorities, and other factors described in the Company's filings with the Securities and Exchange Commission such as our 10K, 10Q and 8K reports.