Wednesday, November 5, 2008

Report: Incoming ImmunoGen CEO gets 27% pay hike

By Mass High Tech Staff

The board of directors at ImmunoGen Inc., a biopharmaceuticals firm in Waltham, have agreed to  increase the salary of its CEO, Daniel M. Junius, by 27 percent despite the fact that Junius is not scheduled to take over the role until January 1, 2009, published reports declared.

Junius has been serving as president and chief operating officer of ImmunoGen (Nasdaq: IMGN) since July. When he begins his role as CEO, Junius’ base salary will jump from $346,500 to $440,000, with performance-based potential to add $198,000, a 45 percent boost of his salary, according to the Boston Business Journal. The incoming CEO also has the option add 200,000 shares of ImmunoGen stock at the December 31 closing price, the BBJ reported.

Junius first joined ImmunoGen in 2005 as senior vice president, finance and chief financial officer, before being promoted to executive vice president, finance and CFO. Prior to joining the company, he served as executive vice president and CFO of New England Business Service Inc. in Groton.  

He graduated from the Kellogg School of Management at Northwestern University with a master’s degree in management.

An earlier interview with Junius revealed that ImmunoGen is poised to move from a research-oriented biotech firm to a development-oriented one.

ImmunoGen develops anti-cancer therapeutics, based on its Tumor-Activated Prodrug technology.