Ciphergen Biosystems announced this week that James Merryweather has joined the company as executive vice president of pharmaceutical corporate development. In his new position, Merryweather will manage pharmaceutical biomarker collaborations based on Ciphergen’s ProteinChip technology and Biomarker Discovery Center, which provides research services through its Malvern, Pa. laboratory.
Prior to joining Ciphergen, Merryweather spent five years at Incyte, most recently as executive vice president of business development and commercial operations. Before joining Incyte, Merryweather was at Millennium Pharmaceuticals as vice president of program management. Prior to that, Merryweather spent 15 years at Chiron in a variety of roles ranging from senior scientist to director of project management.
William Sullivan, the new president and CEO of Agilent Technologies, will receive an annual salary of $850,000 as well as an incentive bonus equivalent to 80 percent of his salary, increasing to 100 percent on May 1, the company said in an SEC filing on March 1, when Sullivan began his new position replacing Ned Barnholt, who retired.
Sullivan will receive 95,500 shares of Agilent stock and options for another 149,000 shares. As a condition of his employment, he will be required to attain an investment level in Agilent equal to five times his annual salary, including direct ownership of at least 20,000 shares of Agilent within five years. As executive vice president and COO, he had a salary of $650,000. If the company has a change of control, his employment agreement includes severance terms of 300 percent of his annual salary and target bonus, a continuation of his health coverage, with the company paying premiums for up to 12 months, vesting of all options, and a pro-rating of any variable pay programs.
James Cullen, who was elected non-executive chairman of Agilent’s board, will receive an annual cash retainer of $260,000 deferrable to Agilent stock, and $75,000 in stock options. He is required to own 5,000 shares of Agilent stock by five years from his election to the board or the end of FY ‘07, the company said.