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Post by prcgorman2 on Mar 27, 2024 8:19:43 GMT -5
At my old employer people left to "pursue other opportunities" when they were let go. Doubt this is the case and it may be a situation where Steve hangs around for 'moral' support. We had the same, but in those cases, there usually wasn't a several month transition period and was usually announced in the past tense as in "Such-and-such has left (to pursue other opportunities)". The extended transitions were either because of needs of the business, or an extra cost to end the contract early. In the latter case, they would effectively be on a paid furlough without job responsibilities.
The same thing sort of happens for layoffs in large corporations where employees in a big enough layoff are paid for another 8 weeks (ostensibly because of the WARN Act) but no longer have job responsibilities.
I think Binder is considered very valuable and they want him to help the new guy get a good start.
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Post by cretin11 on Mar 27, 2024 8:30:09 GMT -5
It's 5 o'clock somewhere... OK if you insist… Bloody Mary for me please. We can’t be 100% sure, but signs point to this being an amicable situation. Interesting coincidence that his replacement cut his teeth at MNKD almost twenty years ago, there probably are few employees remaining from back then when he worked his way up from audit manager to corporate controller. |
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Post by bthomas55ep on Mar 27, 2024 10:20:38 GMT -5
It's 5 o'clock somewhere... OK if you insist… Bloody Mary for me please. We can’t be 100% sure, but signs point to this being an amicable situation. Interesting coincidence that his replacement cut his teeth at MNKD almost twenty years ago, there probably are few employees remaining from back then when he worked his way up from audit manager to corporate controller. And it cannot be discounted that Binder has a lot riding on the continued success of the company. Looks like he will continue having a hand in things to ensure the ship is firmly sailing in the right direction before he fully departs. |
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Post by peppy on Mar 27, 2024 10:34:44 GMT -5
OK if you insist… Bloody Mary for me please. We can’t be 100% sure, but signs point to this being an amicable situation. Interesting coincidence that his replacement cut his teeth at MNKD almost twenty years ago, there probably are few employees remaining from back then when he worked his way up from audit manager to corporate controller. And it cannot be discounted that Binder has a lot riding on the continued success of the company. Looks like he will continue having a hand in things to ensure the ship is firmly sailing in the right direction before he fully departs. We saw what happens if the ship loses power and hits a Truss. Is the rebate system from the Pharmacy Purchasing manager a truss? |
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Post by MnkdWASmyRtrmntPlan on Mar 27, 2024 13:03:27 GMT -5
That's a sad event for MNKD.
Other than the gifts that Al Mann provided to MNKD, Steve is the best thing that MNKD has going for it.
Steve is a very tough act to follow, and Chris has giant-sized shoes to fill.
I'm thinking Mike is feeling very insecure about, to put it mildly, losing his right-hand man with Steve's departure, so he offered to continue paying him his full-time salary til the New Year just for him to be there as a consultant when needed.
Also, perhaps the reason for today's stock-price drop?
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Post by prcgorman2 on Mar 27, 2024 13:27:16 GMT -5
That's a sad event for MNKD. Other than the gifts that Al Mann provided to MNKD, Steve is the best thing that MNKD has going for it. Steve is a very tough act to follow, and Chris has giant-sized shoes to fill. I'm thinking Mike is feeling very insecure about, to put it mildly, losing his right-hand man with Steve's departure, so he offered to continue paying him his full-time salary til the New Year just for him to be there as a consultant when needed. Also, perhaps the reason for today's stock-price drop? Maybe, but I think it's more related to Merck releasing an important PAH drug that treats an underlying cause of PAH, rather than just the symptoms. UTHR and LQDA are also down. |
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Post by ktim on Mar 28, 2024 5:00:25 GMT -5
That's a sad event for MNKD. Other than the gifts that Al Mann provided to MNKD, Steve is the best thing that MNKD has going for it. Steve is a very tough act to follow, and Chris has giant-sized shoes to fill. I'm thinking Mike is feeling very insecure about, to put it mildly, losing his right-hand man with Steve's departure, so he offered to continue paying him his full-time salary til the New Year just for him to be there as a consultant when needed. Also, perhaps the reason for today's stock-price drop? Mike does not seem like someone that suffers from insecurities, and I doubt the market would perceive a very orderly retirement as something to get worried about. |
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Post by letitride on Mar 28, 2024 6:07:26 GMT -5
Mostly I think yesterdays drop in SP was Merck news in combination with CFO news being an opportune time for a bear raid. I believe Steve phasing out as Chris steps in shows true solidarity in the company. This switch is business done right.
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Post by carefulinvestor on Mar 28, 2024 6:07:30 GMT -5
Anyone know how old Mr. Binder is? Thought I saw somewhere he was about 58. If that's right, seems sort of young to resign from a million-dollar+ annual salary. Sure glad he's staying around for awhile.
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Post by prcgorman2 on Mar 28, 2024 6:22:24 GMT -5
Anyone know how old Mr. Binder is? Thought I saw somewhere he was about 58. If that's right, seems sort of young to resign from a million-dollar+ annual salary. Sure glad he's staying around for awhile. You must not be 58 yet. My younger brother retired when he was 55. He said he made it a goal early on because our Dad retired at 55. I though it was brilliant. Our next day isn’t promised to us and healthcare costs are much higher for senior citizens than they are for younger people. The Social Security Administration might say 58 was an “early retirement” but I’m guessing most 58 year old people would gladly retire at their age. |
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Post by carefulinvestor on Mar 28, 2024 6:46:28 GMT -5
Thanks prc. Do you know how old Mr. Binder is?
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Post by stella on Mar 28, 2024 7:09:23 GMT -5
Thanks prc. Do you know how old Mr. Binder is? 61 |
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rebby
Researcher
Posts: 79
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Post by rebby on Mar 28, 2024 8:27:42 GMT -5
Anyone know how old Mr. Binder is? Thought I saw somewhere he was about 58. If that's right, seems sort of young to resign from a million-dollar+ annual salary. Sure glad he's staying around for awhile. You must not be 58 yet. My younger brother retired when he was 55. He said he made it a goal early on because our Dad retired at 55. I though it was brilliant. Our next day isn’t promised to us and healthcare costs are much higher for senior citizens than they are for younger people. The Social Security Administration might say 58 was an “early retirement” but I’m guessing most 58 year old people would gladly retire at their age. This. I’m just about 46 and the day-to-day stress of scaling a company is real. I want to be able to 1) be around for another 30 years (some family heart history that I’m monitoring) and 2) ensure that I have my finances in order to enjoy my retirement not knowing how the market and inflation will change during those next 30 years. My ideal retirement age is 52 with a realistic target of 55….hoping one of those two hit. My point is that if he’s been able to accumulate enough wealth to retire comfortably and has options that can be monetized with MNKDs future success, I’d look to retire as well! Steve has done one hell of a job and I wish his successor equal or more success! |
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Post by MnkdWASmyRtrmntPlan on Mar 28, 2024 8:35:03 GMT -5
That's a sad event for MNKD. Other than the gifts that Al Mann provided to MNKD, Steve is the best thing that MNKD has going for it. Steve is a very tough act to follow, and Chris has giant-sized shoes to fill. I'm thinking Mike is feeling very insecure about, to put it mildly, losing his right-hand man with Steve's departure, so he offered to continue paying him his full-time salary til the New Year just for him to be there as a consultant when needed. Also, perhaps the reason for today's stock-price drop? Mike does not seem like someone that suffers from insecurities, and I doubt the market would perceive a very orderly retirement as something to get worried about. Hi Ktim. Yeah, I accidentally used the word "is" instead of "was". I don't think it would be abnormal for any CEO to not feel a little nervous when a guy you have relied on for years or a decade, that has done a stellar job in a position as important as CFO turns in a 2-week notice. And I totally agree about the market's reaction to the orderly retirement, which, of course, is a very good thing, albeit, kinda unusual. My hopes are high for the new guy. |
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Post by mytakeonit on Mar 28, 2024 18:29:28 GMT -5
"Anyone know how old Mr. Binder is?" Old Mr. Binder said that he is doing well. And retiring at 58 is kinda late ... I retired at 45 to become a stock trader.
But, that's mytakeonit
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