Amarin Corporation appointed longstanding marketing exec Aaron Berg as interim president/CEO, the company said Monday, amid an ongoing search to permanently fill the role.
The news of Berg’s hiring comes weeks after former CEO Karim Mikhail resigned following Amarin’s loss of a proxy battle with Sarissa Capital Management, its largest shareholder. Berg will continue to serve in his current position as EVP and president of U.S., a role he’s held since 2021.
Amarin also said it appointed Oliver O’Connor, who currently serves as CEO of the Irish Pharmaceutical Healthcare Association, as an independent director. Both appointments are effective immediately.
“As the board works quickly to identify a permanent CEO, we are excited to have Aaron step up to lead Amarin at this important time,” stated Odysseas Kostas, the company’s board chairman. “Aaron brings immense experience in the cardiovascular space and a strong commitment to Amarin and the value of Vascepa for patients worldwide.”
The potential of Vascepa, specifically Amarin’s stewardship of the fish-oil derived heart drug, ignited the feud with Sarissa. The drug has been exposed to fierce generic competition since a federal judge invalidated Vascepa’s patents in 2020.
Mikhail, the former CEO, ushered in a 40% staff reduction last June to trim company expenditures by $100 million, and other cost-cutting moves, but the stock has lost two-thirds of its value in the past year.
Sarissa also criticized Amarin for what it saw as a subpar effort by erstwhile chairman Per Wold-Olsen to refresh the company’s board, which Sarissa said lacked shareholder representation.
The ensuing proxy vote was won by Sarissa, leading to Wold-Olsen’s ouster. In its wake, all seven independent non-Sarissa board members departed, paving the way for Sarissa to gain immediate control of the company.
With the addition of the Irish-domiciled O’Connor, the Amarin board comprises eight directors, all of whom are independent, Monday’s statement noted.
Berg joined Amarin in 2012 and rose from VP of marketing and managed care to SVP of marketing and sales, followed by a turn as SVP and chief commercial officer. Before Amarin, he served as president/CEO of Essentialis, a preclinical pharma company, and as VP of marketing and sales at Kos Pharma until its acquisition by Abbott Laboratories in 2006.
In connection with Berg’s interim appointment, Amarin said in a filing that it set an annual base salary of $700,000 per year, with his target bonus continuing to be 50% of his salary earned in his role as EVP and president of U.S.
O’Connor brings more than 30 years of experience in government and policy in the pharma industry. Earlier in his career, he served as an advisor to Ireland’s deputy prime minister, minister for enterprise, trade and employment and minister for health and children.
