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Post by agedhippie on May 30, 2017 9:11:48 GMT -5
This has been in the works. Matt was not fired. Those two are not mutually exclusive. I agree that it had probably been in the works for a while going back to the DeSisto failure. Matt wanted the CEO role and there was no obvious replacement for DeSisto so the BOD let him have it, after all he was a known quantity. Matt has failed in the CEO role though and the BOD had to replace him which they have. Matt is a good technician, but a poor strategist so as a wartime CEO he will not succeed. As I said in a post a while back we need a wartime CEO and I think that is what we get with Mike. I think this is very positive move. He is inexperienced, but that is not necessarily a bad thing since his role is to lead the fight back rather than get into the operational side of the company (Rose is more than capable of dealing with that).
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Post by kbrion77 on May 30, 2017 9:11:59 GMT -5
When the parachute contracts were updated a few months ago, it was evident that something might be up. The board might have done a discreet search for an outside replacement and finding nobody highly qualified that was willing to take on the job, Mike was the logical alternative. The learning curve to be CEO of a public company is brutal, and doubly so for a company in financial distress, so wish Mike lots of luck. It will be a long summer for him. They need to bring in a highly qualified CFO for sure.
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Post by Deleted on May 30, 2017 9:15:46 GMT -5
I am surprised that people are surprised by the news.
Congratulations Michael!
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Post by op2778 on May 30, 2017 9:17:45 GMT -5
Interesting for sure. Why they don´t replace Matt with DeSisto for example? They decide to upgrade Mike to CEO role. IMHO BO is coming....Too much coincidence, just guessing and connecting some dots....
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Post by peppy on May 30, 2017 9:18:38 GMT -5
I am surprised that people are surprised by the news. Congratulations Michael! Matt gave his heart and soul to Mannkind. I hope he does will on his options. I hope we all do well.
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Post by kc on May 30, 2017 9:21:45 GMT -5
This has been in the works. Matt was not fired. IMO you are right. That's why I said before the shareholder meeting that there would be changes. And my question was how much to the BOD and management disagree on how to move forward. Now this explains why no Q & A at the shareholders meeting. Seemed like a lot of song and dance but not Q & A. I am still waiting for the 13D or G to be filed. Will it be buy into MannKind? Who knows. But something is in the works.
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Post by seanismorris on May 30, 2017 9:22:21 GMT -5
I'll agree that the change was related to Aegis. Matt did something that the Board didn't like. /the Board actually did something... I'm shocked.
I still think Aegis = scam
It's strange this change comes after the best cc in a long while, but hopeful it heads off a lawsuit...
Mike's a good choice. He's best able to represent the company as CEO.
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Post by agedhippie on May 30, 2017 9:23:45 GMT -5
I am surprised that people are surprised by the news. Congratulations Michael! Matt gave his heart and soul to Mannkind. I hope he does will on his options. I hope we all do well.
Definitely. Matt was not a bad person, just in a role that was beyond him despite a valiant effort.
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Post by nadathing on May 30, 2017 9:29:01 GMT -5
After the Hakan mess and SNY bailing out I thought who would want to take on the job of CEO of a ship that had just sunk? Desisto bailed because it was obvious this was a no-win situation unless a rabbit could be pulled out of a hat. There were no rabbits in the hat. Matt took on the job. Was he in over his head? Yes, but I give him a lot of credit for what he did accomplish and kept us on life support. I think he deserves our gratitude and not bashing.
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Post by akemp3000 on May 30, 2017 9:29:44 GMT -5
The silence. The lack of management's visible concern about the short financial runway. The continued steps to move forward with TV commercials, One Drop partnership, international, etc. I agree with most that this has been strategically planned and an even bigger announcement is still to come sooner rather than later.
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Post by promann on May 30, 2017 9:32:28 GMT -5
The silence. The lack of management's visible concern about the short financial runway. The continued steps to move forward with TV commercials, One Drop partnership, international, etc. I agree with most that this has been strategically planned and an even bigger announcement is still to come sooner rather than later. Im with you! Te buying action today supports something more is coming its not just the change of CEO that is bring in todays volume..
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Post by mnkdfann on May 30, 2017 9:40:50 GMT -5
The majority opinion seems to be that Matt was let go. What if Matt left in order to move to a better position elsewhere?
I'm interested in hearing where Matt ends up / if another announcement from some other company will appears shortly.
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Post by boytroy88 on May 30, 2017 9:51:02 GMT -5
The majority opinion seems to be that Matt was let go. What if Matt left in order to move to a better position elsewhere? I'm interested in hearing where Matt ends up / if another announcement from some other company will appears shortly. I think that if he wasn't let go or fired they would've/should've worded the PR better/ different...they did for Hakan.
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Post by madog365 on May 30, 2017 9:53:16 GMT -5
The majority opinion seems to be that Matt was let go. What if Matt left in order to move to a better position elsewhere? I'm interested in hearing where Matt ends up / if another announcement from some other company will appears shortly. Are you joking? Do you think there is a market out there for a CEO who managed to lose over 70% of the company's value in 1 year? Matt's best move as CEO was the hiring of Mike who now replaced him after that disaster that was 2016.
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Post by cjc04 on May 30, 2017 9:55:50 GMT -5
The silence. The lack of management's visible concern about the short financial runway. The continued steps to move forward with TV commercials, One Drop partnership, international, etc. I agree with most that this has been strategically planned and an even bigger announcement is still to come sooner rather than later. Im with you! Te buying action today supports something more is coming its not just the change of CEO that is bring in todays volume.. I agree,,, I've always felt like Matt was carrying out somebody else's plan, vs. leading as a CEO. I also think it's interesting that Matt's and Hakan's "advisory" roles both end in July. When Hakan was dumped I remember thinking they paid him off for a year and a half to keep quiet, but Matt only gets 2 months of hush money?? Hmm..
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