Amgen (NASDAQ: AMGN) sets CFO transition and large package for Thomas Dittrich
Rhea-AI Filing Summary
Amgen Inc. announced a planned chief financial officer transition. Peter H. Griffith, executive vice president and CFO since 2020, will retire from the CFO role effective August 31, 2026 and remain as an executive vice president until his departure in January 2027.
The board approved hiring Thomas Dittrich, age 62, as executive vice president effective July 1, 2026, and he will become executive vice president and CFO on September 1, 2026. His employment offer includes an annual base salary of CHF 1,070,000, eligibility for a target bonus equal to 100% of base salary, and fiscal 2026 long-term equity incentives with a target value of CHF 4,500,000.
To replace compensation forfeited at his current employer, Dittrich will receive a one-time RSU award valued at CHF 4,700,000 and a one-time Swiss cash bonus of CHF 4,000,000, plus a separate two-year retention bonus of CHF 5,800,000. His package also includes relocation benefits, an additional relocation allowance, and a severance agreement providing two times salary and target bonus if terminated by Amgen without cause within two years of his hire date.
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Insights
Amgen outlines a structured CFO succession with a sizable, retention-focused pay package.
Amgen is managing CFO succession over several months, with Peter Griffith staying through January 2027 while Thomas Dittrich transitions from an executive vice president role into CFO on September 1, 2026. This staged handover is designed to support continuity in financial leadership.
Dittrich’s compensation combines fixed pay, performance-linked incentives and significant make-whole awards for forfeited benefits at his prior employer. The package includes base salary, annual incentive, multi-year equity, a large one-time RSU grant and a two-year retention bonus repayable if he resigns or is terminated for specified misconduct.
Investors may pay particular attention to how Dittrich’s long-term equity and performance units align with Amgen’s multi-year financial and strategic goals, as well as how the retention and severance terms shape leadership stability over the first two years after his hire date.
8-K Event Classification
Key Figures
Key Terms
restricted stock units financial
long-term performance units financial
Global Management Incentive Plan financial
Expatriate Assignment Letter of Understanding financial
forward-looking statements regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Retirement of Peter H. Griffith, Chief Financial Officer
On May 19, 2026, Amgen Inc. (the “Company”) publicly announced that Peter H. Griffith will retire from the role of the Company’s Executive Vice President and Chief Financial Officer, effective August 31, 2026. In connection with the transition of his role, Mr. Griffith will remain employed as an Executive Vice President, a non-executive officer position from September 1, 2026 until January 31, 2027. Mr. Griffith is currently retirement eligible under the Company’s plans and policies, and thus upon his departure in January 2027 will receive the retirement benefits provided by the Company’s plans and policies, described in the Company’s filings, including the Company’s proxy statement.
Appointment of Thomas Dittrich, Executive Vice President and Chief Financial Officer
In connection with Mr. Griffith’s retirement, on May 19, 2026, the Board of Directors approved hiring Thomas Dittrich, age 62, to serve as Executive Vice President, a non-executive officer position, effective July 1, 2026 through August 31, 2026.
Effective September 1, 2026, he will serve as Executive Vice President and Chief Financial Officer of the Company. Mr. Dittrich will report to Robert A. Bradway, Chairman and Chief Executive Officer.
Mr. Dittrich will initially be based in Rotkreuz, Switzerland and will be employed by Amgen (Europe) GmbH pursuant to an Employment Offer Agreement with Amgen (Europe) GmbH dated May 16, 2026. Mr. Dittrich is expected to relocate to Thousand Oaks, California in connection with his transition to Chief Financial Officer in September 2026.
The Employment Offer Agreement provides that Mr. Dittrich will receive an annual base salary of CHF 1,070,000 and will be eligible to participate in the Company’s Global Management Incentive Plan with a target opportunity of 100% of base salary. As long-term equity compensation for fiscal 2026, Mr. Dittrich will be granted annual long-term incentive awards with a target value of CHF 4,500,000, composed of non-qualified stock options valued at CHF 1,350,000 and restricted stock units (“RSUs”) valued at CHF 900,000, that each vest 25% per year from the date of grant, and 2026-2028 long-term performance units (with modified goals to account for mid-year hire date) valued at CHF 2,250,000.
In order to compensate Mr. Dittrich for foregone equity and incentive compensation at his current employer, he will be granted a one-time RSU award with a value of CHF 4,700,000 that vests 25% per year from the date of grant, and a one-time cash bonus of CHF 4,000,000 as part of his Swiss employment.
Separately, to also compensate Mr. Dittrich for foregone equity and incentive compensation at his current employer, Mr. Dittrich will receive a one-time, two-year retention bonus of CHF 5,800,000, that is repayable, pro-rata based on days served, in the event Mr. Dittrich resigns, or the Company terminates his employment for certain misconduct, within two years of his hire date.
In connection with his relocation to Thousand Oaks from Switzerland in September 2026 in order to assume the CFO role, Mr. Dittrich's employment will be transferred to Amgen International AG and he will receive relocation benefits generally provided to other Executive Vice Presidents who relocate, plus a relocation allowance of CHF 250,000. These relocation benefits are provided under an Expatriate Assignment Letter of Understanding dated May 16, 2026.
Mr. Dittrich will also receive our standard severance agreement that provides severance protection in the event of a termination of employment by the Company, other than for cause, within two years of his hire date at a benefit multiple of two times his salary and target bonus.
The foregoing descriptions of the Employment Offer Agreement and the Expatriate Assignment Letter of Understanding do not purport to be complete and are qualified in their entirety by reference to the full text of such agreements, which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.
Thomas Dittrich’s Background
Mr. Dittrich has most recently served as Chief Financial Officer of Galderma Group AG, a Swiss public company focused on dermatology, since October 2019, with his service expected to continue through June 30, 2026, overseeing global finance, investor relations, strategic sourcing, IT, corporate strategy, and a company-wide transformation program and leading the company through its initial public offering in 2024. Previously, Mr. Dittrich was the Chief Financial Officer and an executive member of the Board of
Directors of Shire Pharmaceuticals, a global biotechnology company with a focus on rare diseases and neuroscience acquired by Takeda Pharmaceutical Company in January 2019, from March 2018 to March 2019. Prior to Shire, he was Chief Financial Officer, and a member of the Executive Committee, of Sulzer AG, a global leader in fluid engineering, from August 2014 to March 2018, and where he served as interim Chief Executive Officer between August and December 2015. Prior to joining Sulzer, Mr. Dittrich worked for eight years at the Company and served as Vice President, Finance Corporate Planning and Chief Accounting Officer, from May 2010 to August 2014, and as Vice President, Finance, from April 2006 to April 2010. Earlier in his career, Mr. Dittrich held various finance and general manager positions during eight years at Dell, Inc. and worked in mergers and acquisitions and management consulting roles. Since 2014, Mr. Dittrich has served on the Board of Directors of SIG Group AG, a Swiss public packaging and container manufacturer, where he chairs the Audit and Risk Committee and is a member of the Nomination and Governance Committee. Mr. Dittrich holds a Master of Science in Mechanical Engineering and Robotics from the Technical University of Munich and a Master in Finance, Controlling and Accounting from the University of St. Gallen.
Except as described above, there are no transactions between Mr. Dittrich (or any member of his immediate family) and the Company (or any of its subsidiaries) and there are no family relationships between Mr. Dittrich and any director or executive officer of the Company, or with any person selected to become a director or an executive officer of the Company.
Additional Information
A copy of the press release announcing Mr. Griffith’s retirement, and the hiring of Mr. Dittrich, as Chief Financial Officer, is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Exhibit 99.1 furnished herewith shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filings of the Company under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
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Employment Offer Agreement, dated May 16, 2026. |
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Expatriate Assignment Letter of Understanding, dated May 16, 2026. |
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Press Release, dated May 19, 2026. |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
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.
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AMGEN INC. |
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Date: |
May 19, 2026 |
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/s/ Jonathan P. Graham |
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Name: Jonathan P. Graham |
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Title: Executive Vice President and General Counsel and Secretary |
News Release |
One Amgen Center Drive Thousand Oaks, CA Telephone 805-447-1000 www.Amgen.com |
AMGEN ANNOUNCES RETIREMENT OF CHIEF FINANCIAL OFFICER PETER GRIFFITH
Thomas Dittrich Returning to Amgen as CFO
THOUSAND OAKS, Calif. (May 19, 2026) – Amgen (NASDAQ:AMGN) today announced the retirement of Peter Griffith, who has served as the company’s executive vice president and chief financial officer since 2020. The company also announced that Thomas Dittrich will return to Amgen as executive vice president on July 1 and succeed Griffith as chief financial officer effective September 1, 2026.
“We are grateful to Peter for his leadership and lasting impact on the company,” said Robert A. Bradway, chairman and chief executive officer at Amgen. “Peter has helped position Amgen to deliver attractive long-term growth and expand our ability to serve patients in the years ahead.”
During his tenure, Griffith strengthened the company’s financial foundation, supported disciplined capital allocation and helped advance Amgen’s long-term growth strategy across the business.
Dittrich, who previously held senior finance roles at Amgen, brings more than 30 years of international leadership experience to the company, along with a strong understanding of the biopharmaceutical industry and consumer-focused healthcare markets. Most recently, he served as chief financial officer of Galderma. Prior to that, he served as chief financial officer at both Shire and Sulzer. Dittrich will oversee all aspects of Amgen’s financial operations. Griffith will remain with the company into January 2027 to support a seamless transition.
About Amgen
Amgen discovers, develops, manufactures and delivers innovative medicines to fight some of the world’s toughest diseases. Harnessing the best of biology and technology, Amgen reaches millions of patients with its medicines.
More than 45 years ago, Amgen helped establish the biotechnology industry at its U.S. headquarters in Thousand Oaks, California, and it remains at the cutting edge of
innovation, using technology and human genetic data to push beyond what is known today. Amgen is advancing a broad and deep pipeline and portfolio of medicines to treat cancer, inflammatory conditions, rare diseases, heart disease and obesity and obesity-related conditions.
Amgen has been consistently recognized for innovation and workplace culture, including honors from Fast Company and Forbes. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.
For more information, visit Amgen.com and follow Amgen on X, LinkedIn, Instagram, YouTube, Facebook, TikTok and Threads.
Amgen Forward-Looking Statements
This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx, Inc., Dark Blue Therapeutics, Ltd. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon’s business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward
managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful, and may result in unanticipated costs, delays or failures to realize the benefits of the transactions. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.
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CONTACT: Amgen, Thousand Oaks
Elissa Snook, 609-251-1407 (media)
Alison Chartan, 301-742-9584 (media)
Casey Capparelli, 805-447-1746 (investors)
FAQ
When is Amgen (AMGN) changing its chief financial officer?
Amgen’s CFO transition occurs in stages. Peter H. Griffith retires as CFO effective August 31, 2026, and Thomas Dittrich becomes executive vice president and chief financial officer on September 1, 2026. Griffith remains an executive vice president into January 2027 to support the handover.
Who is Thomas Dittrich, the incoming CFO of Amgen (AMGN)?
Thomas Dittrich is an experienced finance executive who previously held senior finance roles at Amgen and served as CFO of Galderma, Shire and Sulzer. He will join Amgen as executive vice president on July 1, 2026, then become executive vice president and chief financial officer on September 1, 2026.
What is the compensation package for Amgen’s incoming CFO Thomas Dittrich?
Dittrich’s package includes an annual base salary of CHF 1,070,000, a target bonus equal to 100% of salary, and 2026 long-term equity incentives valued at CHF 4,500,000. He also receives make-whole RSUs of CHF 4,700,000 and a one-time Swiss cash bonus of CHF 4,000,000.
What retention incentives is Amgen (AMGN) providing to new CFO Thomas Dittrich?
In addition to salary, bonus and equity, Dittrich will receive a one-time, two-year retention bonus of CHF 5,800,000. This amount is repayable on a pro-rata basis if he resigns, or Amgen terminates him for specified misconduct, within two years of his hire date, creating a strong retention incentive.
Will Amgen’s retiring CFO Peter Griffith receive special benefits?
Peter H. Griffith is already retirement eligible under Amgen’s plans and policies. Upon his departure in January 2027, he will receive retirement benefits provided under those existing plans and described in Amgen’s filings, including its proxy statement, rather than a separately negotiated special package.
What relocation and severance terms apply to Amgen’s incoming CFO?
When Dittrich relocates from Switzerland to Thousand Oaks in September 2026, he will receive relocation benefits generally provided to executive vice presidents plus a CHF 250,000 relocation allowance. He will also have a standard severance agreement providing two times salary and target bonus if terminated by Amgen without cause within two years.