Now that Fred Hassan is no longer the chief executive of Schering-Plough - or any other drugmaker - since Merck finally scooped up its rival, Fred has been busy accepting invitations to join the boards of various other corporations. Apparently, his experience selling drugmakers - don't forget his time running Pharmacia - is seen as invaluable to others who want to increase their stock prices.
Last week, for instance, Fred joined the Warbug Pincus private equity firm as a senior advisor (please look here) and joined the board of Bausch & Lomb, which makes eye products (see here). And late last month, he became a Time Warner board member (statement). And for those who weren't aware, Fred is already an Avon Products board member.
But where will Fred turn up next? Suggestions? Please write in. We will forward them.
7 Comments
Dancing With the Stars?
Hey Ed -- Just to be clear, here -- Fred only has a one-year non-compete, but the Warburg Pincus gig is a full time position.
He is (supposedly) a full-time private equity guy now. At least for a year. [I have a couple of graphics, with details on Warburg's portfolio of company-investments under that link.]
But he'll not advise in any space where Merck competes -- at least not advising any company with more than $10 million in Merck-competitive sales. For a whole year -- to secure his perhaps $178 million in 'chutes.
Imagine that.
[Actually, the $178 million is likely more than half the reason Warburg picked him up -- I am certain he is being asked to invest a goodly chunk of that change, into the capital base of Warburg Pincus. So it goes. In the end, 17,000 people lose their jobs, so Fred may more soundly capitalize a private equity firm.]
Namaste
The New York Mets need some new front office management. Why not?
Fred will be spending much of his time in court as he was one of the named indicted in ENHANCE lawsuit.
B R E A K I N G
Warburg Pincus Opens Satellite Office
Dateline: Newark, NJ November 18, 2009
In a bold and innovative move, the venerable New York private equity firm of Warburg Pincus has leased 45 square feet of office space in the federal district courthouse -- in Newark, NJ.
The refurbished janitors' closet sits seven steps from the walnut-paneled door to Judge Cavanaugh's trial courtroom.
The sign outside the closet-cum-office reads:
"Fred Hassan -- Senior Adviser, Warburg Pincus -- NJ Branch Office"
Asked to comment, a senior Warburg HR executive said that this takes the idea of "hotelling" one's office space -- in a logical and convenient place -- one step beyond telecommuting.
"It just makes sense -- Mr. Hassan will spend endless weeks on trial here, in the coming year, so why not leverage this, and reduce his commute time?"
Yeh -- the choo-choo to Manhattan (or a stretch Bentley-limo and driver, more likely) -- are both so passe, right?
Namaste
If there is any justice, he'll be DOING time, not spending it...
Hades!