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