Posted 18 July, 2023

AMARIN CORP PLC\UK appointed Patrick Holt as new CEO

Nasdaq:AMRN appointed new Chief Executive Officer Patrick Holt in a 8-K filed on 18 July, 2023.

  On July 18, 2023, Amarin appointed Patrick Holt to serve as the Company's President and Chief Executive Officer (and principal executive officer), and as a member of the Board, effective July 18, 2023.  

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Health Care/Life Sciences • Biotechnology
Amarin Corp. Plc is a pharmaceutical company, which focuses on the commercialization and development of therapeutics for cardiovascular health. It focuses on the development and commercialization of Vascepa capsules. The company was founded by Geoffrey William Guy on March 1, 1989 and is headquartered in Dublin, Ireland.
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Relevant filing section
Item 5.02. 
Departures of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 18, 2023, Amarin appointed Patrick Holt to serve as the Company's President and Chief Executive Officer (and principal executive officer), and as a member of the Board, effective July 18, 2023.

Mr. Holt most recently served as president of Cordis, Cardinal Health's global interventional cardiovascular business and as member of Cardinal Health Inc's global operating committee. In this role, Mr. Holt led a successful turnaround that included a return to revenue growth, a refocused R&D strategy, as well as sustained enhancements in operational effectiveness delivering margin expansion. Subsequently, he led the transaction process which culminated in the sale of Cordis to Hellman & Friedman in 2021 for an enterprise value in excess of $1 billion. He also previously served as president of Cardinal Health in Asia-Pacific. Prior to his time at Cardinal Health, he served in a variety of senior executive positions across biopharmaceuticals and vaccines at Allergan and Merck. Mr. Holt is an independent non-executive director and audit committee member of Hugel, Inc., a publicly listed biopharmaceutical company and global leader in medical aesthetics. He earned a bachelor's degree in biochemistry and chemistry from Monash University, Australia and is a graduate of Harvard Business School.

Upon Mr. Holt's start date, Aaron Berg, who has been serving as the Company's Interim President and Chief Executive Officer, will resume his role as Amarin's Executive Vice President, President U.S. In light of Mr. Berg's excellence and effectiveness in the interim role, the Board has awarded Mr. Berg a one-time cash bonus of $150,000.

The Company plans to file a subsequent Form 8-K with details on Mr. Holt's compensation arrangements and other information required by Item 5.02 of Form 8-K.

Also on July 18, 2023, as a complement to the ORP, Amarin announced the implementation of a retention program for certain employees at various levels and among various organizations, which includes a cash component, payable in two tranches, with the first tranche payable in February 2024 (the "1st Installment") and the second tranche payable in February 2025 (the "2nd Installment"), subject to the employee's continued service with the Company. The eligible employees were also granted an option award, effective as of July 19, 2023, with an exercise price equal to the closing price of the American depositary shares representing the Company's ordinary shares, as reported on the Nasdaq Global Market on such date, which vests as to 50% on January 1, 2024 and as to the remaining 50% on January 1, 2025. If an eligible employee is terminated without cause or resigns for good reason prior to the payment or vesting dates, as applicable, the cash awards (to the extent not yet paid) will become payable and the vesting on any unvested options shall accelerate, subject to the employee signing a customary release. Mr. Berg, Mr. Reilly and Steven Ketchum, Ph.D., Amarin's President R&D and Chief Scientific Officer, were among the employees granted the retention awards and were granted the awards as follows:

1st Installment 2nd Installment Option Shares 

Aaron Berg
 $ 142,326 $ 142,326 404,400 

Tom Reilly
 $ 136,500 $ 136,500 404,400 

Steven Ketchum
 $ 161,460 $ 161,460 404,400