Key points at a glance:

  • According to a securities filing and a press release, Amgen has hired former employee Thomas Dietrich to succeed retiring Chief Financial Officer Peter Griffith, effective September 1. Dietrich will rejoin Amgen on July 1 as Executive Vice President.
  • Upon rejoining the company, Dietrich, currently based in Switzerland, will receive approximately $12.5 million in cash and retention bonuses to compensate for forfeiting equity and incentive benefits from his current employer. The filing shows this includes a one-time cash bonus of 4 million Swiss francs (approximately $5.1 million) and a two-year retention bonus of approximately $7.4 million. The filing also shows Dietrich will receive a one-time restricted stock unit award valued at approximately $5.9 million.
  • According to the filing and Dietrich's LinkedIn profile, since leaving Amgen in 2014, Dietrich has served as CFO at three companies, most recently at Galderma Group, a Switzerland-based dermatology company. During his eight years at Amgen, his roles included Chief Accounting Officer and Vice President of Finance.

In-depth analysis:

Dietrich, 62, is the latest so-called "boomerang" executive to return to a former employer as CFO. According to a report from the University of Southern California's online school, a "boomerang" employee or executive typically refers to someone who returns to a former employer in a new or previous role.

In March, gym operator Planet Fitness brought back former CFO Tom Fitzgerald as interim finance chief; power management company Eaton also rehired David Foster as CFO about three years after he stepped down.

Dietrich's compensation will include an annual base salary of 1.1 million Swiss francs (approximately $1.36 million) for fiscal year 2026. The filing shows his predecessor's compensation package last year totaled $8.6 million, with a salary of $1.2 million.

Amgen's current CFO is retiring after serving the Thousand Oaks, California-based company since 2020. Previously, Griffith spent 21 years at Ernst & Young and earlier worked at Wedbush Securities, where he headed the investment banking division.

"We thank Peter for his leadership and lasting contributions to the company," Amgen CEO Robert Bradway said in a statement, adding that Griffith supported "disciplined capital allocation" during his tenure, driving the company's long-term growth strategy.

In the first quarter, Amgen's revenue grew 6% year-over-year to $8.6 billion, while GAAP earnings per share rose only 4% to $3.34, the company reported, driven by higher operating income but offset by net unrealized losses on equity investments.

On the May 1 earnings call, Bradway said the company's growth drivers have laid a strong foundation, noting its drug pipeline includes a "differentiated obesity treatment" called MariTide, for which Amgen is building manufacturing capacity to bring it to market. But the company also faces headwinds related to 20 people in Japan — who died after receiving Amgen's rare disease drug Tavneos, as reported this week by BioPharma Dive, a sister publication of CFO Dive.