Biogen Idec board extends contract of CEO George Scangos
The board of Biogen Idec Inc. has extended the contract of its top executive with the same base salary, but the opportunity to earn more in incentive pay.
Chief executive George A. Scangos’ three-year contract was set to expire last month, but the board of the Weston biotechnology company extended it through July 15, 2014, after which the contract could be extended for additional 12-month periods, according to a Biogen Idec regulatory filing late Monday afternoon.
Under the new contract, Scangos will receive an annual base salary at his current rate of $1.3 million. He will also be able to earn a bonus of not less than 140 percent of his base salary under the company’s incentive plan -- up from 130 percent in the previous contract -- and will continue to be eligible to receive stock grants under an equity plan for senior executives.Robert Weisman can be reached at firstname.lastname@example.org. Follow him on Twitter @GlobeRobW.