Amgen names new CEO - May 11, 2000

NEW YORK (CNNfn) - Amgen Inc., one of the largest biotech firms, on Thursday named company President Kevin W. Sharer to take over for retiring Chief Executive Officer Gordon Binder.

The appointment takes effect immediately. Binder announced his retirement plans last year, and will stay on as board chairman until Dec. 31. After that, Sharer also will become chairman of the board.

Sharer joined Thousand Oaks, Calif.-based Amgen (AMGN: Research, Estimates) in 1992 as president and chief operating officer. Previously, he worked as an executive at MCI Communications Corp. and at General Electric.

"Amgen has a proud past and a bright picture," he said in a statement. "We will remain a patient-focused enterprise whose mission is to dramatically improve people's lives through innovative science."

Amgen shares gained 1-7/16 to 61-1/4 in Thursday trading.