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Post by formermnkdemployee on Nov 20, 2015 10:55:10 GMT -5
As some of you may remember from my previous posts, I worked directly for Hakan Edstrom and have mixed feelings about today's announcement. On one hand, I feel bad for Hakan as I think he was pushed out and was allowed to save face by "resigning,"... we all know that things were not going well. On the other hand, I feel good that this is going to be for the best long-term success for MNKD.
Hakan is genuinely a nice man and often inspired many of us working for him. He made some tough decisions along the way (that I saw personally) and he handled them like a champ. I never saw one harsh word between Hakan and Al. (Al does occasionally raise his voice, but it's never personal and always for the benefit of the company) Both were always passionate about Afrezza. They had tremendous mutual trust and respect... at least when I was there and I don't see how that would have changed since it was probably Al's urging which made Hakan the CEO. Unfortunately, it just didn't work out. Perhaps being a "nice guy" does not work in this environment. Hakan had to be a more aggressive, communicative and assertive leader, but that is just not in his nature.
Also, I have to be honest here and say that during the last conference call, Hakan did not sound the same as he did when I worked at MNKD. His voice was a bit weaker/slurred and his decision to publicly plea for partnerships was not in line with what I remember him doing when I was at the company. Back then, he would have rightly looked down on that as desperate, which leads me to believe he may have some cognitive issues. I know he has had health problems (unrelated to his insulin levels) but it's only speculation as to what effect they had and frankly, pointless to dwell on it now since it's a moot point. I sincerely wish him well and hope he doesn't leave with a bitter taste in his mouth because there are a lot of us who still think the world of him and appreciate his calm, fair demeanor... even when times were tough and uncertain.
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Post by benyiju on Nov 20, 2015 10:56:51 GMT -5
The entire MannKind operation has been amateurish this past year, which suggests we also need a BOD shakeup. If it's true that Al Mann 'controls' the BOD, that's a problem. If you're not a cultist, you'll understand why. It's also a problem that in the midst of MNKD's finance problems the last few months, the CFO is wasting time exchanging emails and phone calls with peon investors. That's the job of an IR dept at a serious company, not something for someone we're paying a seven digit salary.
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Post by babaoriley on Nov 20, 2015 10:57:25 GMT -5
in general I view this action as necessary and overdue. My immediate concern is that the same Board of Directors who just removed Hakan also promoted him several months ago. It has been discussed on the board as though the decision was Al's; but in the end, the BOD has to take responsibility. Al controls the BOD, imo. They do what he wants. Another question is how will SNY view this? Perhaps their lack of a definitive endorsement two weeks ago had something to do with their reservations about current executive management.
Maybe this all stemmed from Sanofi? Maybe they didn't like Hakan?JMHO Chris C I just got to work, opened my computer and looked at MNKD - wow - a shocker! (I don't look anymore from home, the morning commute is stressful enough) I'm surprised more don't think this may have come at least in part from Sanofi, not saying it did, but it's a possibility. If it happens to be true, that's great news, because it tells me SNY cares (about its significant investment in Afrezza). Good luck to Hakan, I'm sure he tried his best and put in many long hours over the years. Sometimes, you just need a change. The choice of successor will go a long way in telling us just how that SNY-MNKD relationship is going.
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Post by bradleysbest on Nov 20, 2015 11:00:49 GMT -5
Agree Sue but Al has sat by during this tail spin. We need a dynamic CEO who will get after SNY to get Afrezza going as well as get new TS deals signed. Rumors were Al's health was the reason for his silence since FDA approval. They need to move fast on this front but ensure we get the right person who has credibility !
Good point Baba , maybe SNY convinced Al a change was needed....
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Post by benyiju on Nov 20, 2015 11:07:06 GMT -5
I don't imagine Al is going to be CEO for long. I hope BOD (and Al) have better sense than that. If he is still there come March I would have to consider dumping my MNKD positions. Hopefully they have somebody to replace Hakan by EOY or early January, though that would be fast unless they've been working on this for a while. In the meantime, I'm afraid we're headed back down to $1.76 unless we get some other (good) news.
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Post by suebeeee1 on Nov 20, 2015 11:09:41 GMT -5
With all the positives regarding MNKD & Afrezza I would think plenty of people would LOVE to jump aboard Al's train! If you think about it long enough.....any new CEO worth his/her salt would demand to know what's going on before being offered the position. That would bring the total to 6. You may be overly optimistic, my friend!
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Post by longinvstr on Nov 20, 2015 11:09:48 GMT -5
Finally Hakan aloof "man with a mission" Edstrom is gone. Last conference call was pathetic and his comments asking for help were the writing on the wall. This is very positive news; possibly the best all year. Script count today was better than the last few weeks. I see today's management shakeup as an excellent move from a deadweight CEO who was confusing and hard to understand with a major lack of enthusiasm. We all have our strengths and weaknesses. So, what he lacks in charisma, he can make up for in strategy & preparedness acumen - trike two and three. The lack of preparedness in the CC's was blatant. There seemed to be no anticipation of even the most predictable, elementary questions. This speaks to vision. If there is one thing an infant biotech co. can not survive without, IT'S VISION. The context of our partnership yields much beyond his (our) control, But, there was little/no evidence that he was on top of what remained. In fact, the "plea" for Techno partnership ideas during the last CC must top the list of prosecution evidence. We're in a war and proactive, positive management of perceptions is paramount. Irrespective of Afrezza progress, I want to have positive/eager anticipation of new initiatives and developments in CC's. Instead, I've prepared for each recently by lathering my face with Vaseline and rehearsing, "Is that the best you've got?" Positive, positive news IMO. NOW, all I want for Christmas is a scrip count spike ... a scrip count spike
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Post by thsloppy on Nov 20, 2015 11:12:06 GMT -5
Wherever Hakan goes, I hope he takes Matt with him. We need to clear the decks and start fresh with a a top flight CEO and CFO. Trend I don't have a problem with Matt as a CFO. IMHO he has been forced to assume more of a leadership and commercialization role than he would with a stronger CEO or COO.
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Post by jeremg on Nov 20, 2015 11:14:09 GMT -5
Unfortunately I think this also gives credence to the idea that MNKD the company is currently a madhouse in turmoil. This is undoubtedly the right move from a business standpoint long term, but the short term optics which dictate PPS and drive public sentiment just got a whole lot worse with this news. I expect we will revisit 52wk lows barring a positive material event very soon. One thing is certain now in my opinion, Al plans to take this all the way, he isn't interested in selling at any price which would be realistic in the short-medium-and maybe even intermed. long period (3yrs). Buckle-up if you haven't already, this is going to be a long and bumpy ride.
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Post by jefferson on Nov 20, 2015 11:16:19 GMT -5
Market seems to be shrugging it off. I wish Hakan the best. Let's get a fresh, tenacious CEO in there that's ready to kick ass.
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Post by als57 on Nov 20, 2015 11:16:11 GMT -5
Yes!!!!!!
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Post by factspls88 on Nov 20, 2015 11:16:27 GMT -5
I,for one am happy that Hakan is gone. It has been his job, among other things, to MANAGE the relationship with Sanofi and he has done a miserable job. He seemed to relinquish the management of Afrezza and hand it over to Sanofi, as he and Matt confirmed is cc after cc. The stock response to any questions about the rollout of Afrezza was that it was Sanofi's job. I saw a glimmer of hope when I first saw that he had marketing experience, but clearly it was not the right kind of experience. When those first ads were rolled out, I was extremely disappointed. In addition to being meager in their impact, they looked very downscale and primarily targeted at African Americans. Now I'm sure African Americans skew more diabetic that the general population, but they are only 15% or so of the US pop. A large swath of the US population was barely targeted with the ads. It was Hakan's job to fight for the right kind of marketing and the right level of marketing. Clearly he did not do that. It was also his job to ensure that the right kind of clinical research was being done to deal with the changes needed on the label. We have been given no indication from Hakan that that was imminent or in progress. Add to that the lack of apparent progress on finding a TS partner, and no indication of an application submitted to the EU for Afrezza's approval, and you have the components of a monumentally botched job by Hakan. The final straw for me was the conference call abomination. He allowed GS et al to roll right over him and control the discussion. I am still long, and I am glad Al Mann is back in charge, but I am tired of the lingering uncertainty.
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Post by bradleysbest on Nov 20, 2015 11:17:20 GMT -5
Will Hakan dump his shares in MNKD ? Does he still believe & keep them or buy more? I have no idea....
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Post by mindovermatter on Nov 20, 2015 11:17:54 GMT -5
I just got to work, opened my computer and looked at MNKD - wow - a shocker! (I don't look anymore from home, the morning commute is stressful enough) I'm surprised more don't think this may have come at least in part from Sanofi, not saying it did, but it's a possibility. If it happens to be true, that's great news, because it tells me SNY cares (about its significant investment in Afrezza). Good luck to Hakan, I'm sure he tried his best and put in many long hours over the years. Sometimes, you just need a change. The choice of successor will go a long way in telling us just how that SNY-MNKD relationship is going. Sadly, we'll never know the real reason. It's just too bad that they weren't able to have someone lined up to buffer the news of his departure. Looks like I might have to ask the wife for permission to take more than one shot of Glenlivet tonight.
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Post by babaoriley on Nov 20, 2015 11:19:31 GMT -5
Agree Sue but Al has sat by during this tail spin. We need a dynamic CEO who will get after SNY to get Afrezza going as well as get new TS deals signed. Rumors were Al's health was the reason for his silence since FDA approval. They need to move fast on this front but ensure we get the right person who has credibility ! Good point Baba , maybe SNY convinced Al a change was needed.... A well-received (and effective - two different things) CEO would be a fantastic development. Spiro did have a trip west planned.... hmmm, nah, can't be, he's almost Al's age!!
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