May 15, 2007
New positions for drug co. execs
By Matthew L. Brown
Marlboro-based Sepracor Inc. said it had made Adrian Adams the company's president and CEO.
Adams was hired as Sepracor's president and COO in March. He takes over for Timothy J. Barberich, who resigned from the CEO position, and was elected executive chairman of the company's board of directors.
As part of his employment agreement, Adams was promised the CEO position within six months of being hired. If he was not made CEO within six months, and quit as a result, the company agreed to pay him a lump sum of $2 million, plus his full salary, vacation time, housing, automobile and business expenses.
As COO, Adams would have made a base salary of $800,000 in 2006. He was eligible for a bonus equal to 100 percent of his salary, and granted 125,000 shares of restricted stock, and an option to purchase 500,000 shares of company stock. The company also paid his travel expenses, which included commuting from his home in Philadelphia, as well as first-class or private plane travel.
The company also paid Adams $5,600 each month for a home near the company's Marlboro headquarters, and $75,000 and all other expenses related to a car.
As CEO in 2006, Barberich made a base salary of $875,000, and in 2006 earned a cash bonus of $525,000.
Barberich was CEO of Sepracor, a drug research, development and marketing company, since 1984.
Adams was hired as Sepracor's president and COO in March. He takes over for Timothy J. Barberich, who resigned from the CEO position, and was elected executive chairman of the company's board of directors.
As part of his employment agreement, Adams was promised the CEO position within six months of being hired. If he was not made CEO within six months, and quit as a result, the company agreed to pay him a lump sum of $2 million, plus his full salary, vacation time, housing, automobile and business expenses.
As COO, Adams would have made a base salary of $800,000 in 2006. He was eligible for a bonus equal to 100 percent of his salary, and granted 125,000 shares of restricted stock, and an option to purchase 500,000 shares of company stock. The company also paid his travel expenses, which included commuting from his home in Philadelphia, as well as first-class or private plane travel.
The company also paid Adams $5,600 each month for a home near the company's Marlboro headquarters, and $75,000 and all other expenses related to a car.
As CEO in 2006, Barberich made a base salary of $875,000, and in 2006 earned a cash bonus of $525,000.
Barberich was CEO of Sepracor, a drug research, development and marketing company, since 1984.
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