There's no money left under the pillow, but Amgen 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.
I'm outside the Four Seasons Hotel in Westlake Village, CA, where the get-together takes place this afternoon. Reporters will be allowed inside to take notes, but we can't use any recording equipment--i.e. a TV camera.
Anyway, Steve Silverman who has owned AMGN 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.