Shareholder calls for resignation of 3 Enzon directors
NEW YORK—DellaCamera Capital Management LLC on Thursday called for the resignation of several board members of Enzon Pharmaceuticals Inc. for approving the "runaway" compensation of Chairman and Chief Executive Jeffrey Buchalter.
In a letter sent to the board and filed with the Securities and Exchange Commission, the investment manager said it is troubled by the compensation granted to Buchalter in light of the drug maker's "lackluster performance." DellaCamera subsequently called for the resignation of Goran A. Ando, Rolf A. Classon and Victor P. Micati, members of the company's compensation committee.
DellaCamera owns 2.6 million shares, representing a 5.8 percent stake in the Bridgewater, N.J.-based company.
An Enzon representative was not immediately available for comment.
Buchalter received compensation of about $10.2 million in 2007, according to a calculation by The Associated Press.
The AP's total pay calculations include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
In February, DellaCamera agreed to withdraw its three nominations to the board after Enzon said it would add one new independent director.
Enzon shares jumped 43 cents, or 4.9 percent, to close at $9.15. Shares have traded between $6.31 and $10.36 in the past 12 months.
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