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Penner To Quit Neurogen
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Business New Haven
9/4/2000
By: Kristine Hansen
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BRANFORD - Harry Penner Jr., the seven-year chief executive of Neurogen Corp., will step down as soon as a successor is found, the company announced last month. Penner said in a statement that he had done “what I came here to do.” Penner, who has watched the company's market capitalization increase by 1,000 percent during his tenure, added that he is paving the way for “new and vigorous leadership.” Neurogen products includes treatments for psychiatric, metabolic and inflammatory disorders. Penner, 55, the former executive vice president of Novo Nordisk , earned $449,000 in total compensation in 1999, considerably less than his financial package in earlier years, according to the company's proxy statement. Neurogen board members had determined that the company had not met important goals, and substantially cut the amount of cash bonsuses and stock options awarded to the company's executive officers, according to the proxy.
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