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Amgen hires former 3M exec as CFO

By   /   Monday, June 9th, 2014  /   Comments Off

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Amgen has hired David Meline, formerly with industrial conglomerate 3M Co., as its new chief financial officer.

At 3M, Meline was responsible for the finances of a Minnesota-based company with more than $30 billion in worldwide revenues.

Amgen, the world’s largest biotechnology firm, had profits of $5 billion in 2013, a 17 percent increase from the year before, and revenue of $18.7 billion, an 8 percent jump. The higher-than-expected profits were driven by strong performance across its drug portfolio, with product sales up 9 percent.

Meline fills the position vacated by former Amgen CFO Jonathan Peacock, who stepped down in January to pursue other opportunities. Meline, 56, reports directly to Amgen CEO and Chairman Robert Bradway.

“David’s leadership talent and broad international experience will be invaluable to Amgen as we execute our strategy for long-term growth and bring our pipeline of medicines toward commercialization in a number of new markets,” Bradway said in a statement.

Meline previously held numerous leadership positions at General Motors, Amgen said, and received his MBA in finance from the University of Chicago, a master’s degree in economics from the London School of Economics and a bachelor’s degree in mechanical engineering from Iowa State University.

Amgen is the largest private-sector employer in the Tri-Counties, with about 6,000 employees. Since 2010, the company has expanded around the globe and returned substantial capital to shareholders through buybacks and dividends. Earlier this week, it said that it was cutting 70 jobs at its Thousand Oaks headquarters.

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