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Post by me on Jan 11, 2016 9:09:17 GMT -5
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Post by sccrbrg on Jan 11, 2016 9:12:16 GMT -5
He's the ceo AND the cfo. Those are two huge jobs, I'm not sure how one person can do both effectively.
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Post by tjones0899 on Jan 11, 2016 9:13:31 GMT -5
Wow - it's going to get spun that DD backed out of job because of Sanofi...
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Post by bluemoth on Jan 11, 2016 9:13:44 GMT -5
this is a nightmare
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Post by factspls88 on Jan 11, 2016 9:14:02 GMT -5
It never ends. There is no way Matt can handle being CEO and CFO. This is getting more and more absurd.
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Post by tjones0899 on Jan 11, 2016 9:14:56 GMT -5
It never ends. There is no way Matt can handle being CEO and CFO. This is getting more and more absurd. Don't forget investor relations officer too |
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Post by mnkdfann on Jan 11, 2016 9:17:38 GMT -5
It never ends. There is no way Matt can handle being CEO and CFO. This is getting more and more absurd. Not at all, this is a GOOD thing. Why? Well, because ... uh ... actually, I'm not sure but I have a sense that one or more people here will rationalize it as being fantastic news before the end of the day. |
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Post by kbrion77 on Jan 11, 2016 9:18:38 GMT -5
The 1 f'n thing I have been worried about the last week. No choice now but to sell the company. I have no faith in the existing management. This has been the most bizarre story the past 2 years as I've ever seen. |
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Post by lorcan458 on Jan 11, 2016 9:18:49 GMT -5
The press release on Mannkind's website says he has a non-compete with Insulet until September. I would have thought the lawyers would have cleared that before they announced him as CEO.
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Post by factspls88 on Jan 11, 2016 9:21:21 GMT -5
The press release on Mannkind's website says he has a non-compete with Insulet until September. I would have thought the lawyers would have cleared that before they announced him as CEO. They've probably made Matt lead counsel as well. |
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Post by bioexec25 on Jan 11, 2016 9:27:04 GMT -5
Would have thought they'd just reopen the search. Even if there is a great reason (eg deal close), this will be interpreted in the worse way by possible by most.
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Post by bradleysbest on Jan 11, 2016 9:27:07 GMT -5
We are SCREWED! Sad to say but it is true.......
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Post by therealisaching on Jan 11, 2016 9:28:43 GMT -5
The press release on Mannkind's website says he has a non-compete with Insulet until September. I would have thought the lawyers would have cleared that before they announced him as CEO. From the 8k when he was hired:
We also agreed to defend and indemnify Mr. DeSisto for any and all costs, fees, expenses and liabilities Mr. DeSisto may incur arising out of or relating to any action or proceeding initiated by Mr. DeSisto’s former employer, Insulet, to enforce any or all noncompetition and/or nonsolicitation obligations that he may have with respect to Insulet pursuant to certain agreements between Mr. DeSisto and Insulet, to the extent any such action or proceeding arises out of or relates to Mr. DeSisto’s employment or proposed employment with us. In addition, if Mr. DeSisto’s employment with us results in Insulet refusing to continue to pay cash severance payments to Mr. DeSisto under his Retirement Agreement with Insulet dated September 16, 2014, and there is an action that results in a judgment prohibiting Mr. DeSisto from continuing employment with us, then we will be obligated to pay Mr. DeSisto one-half of the amount of lost cash severance payments from Insulet, less any cash payments received by Mr. DeSisto from us for base salary, bonus or severance as of or as a result of Mr. DeSisto’s termination of employment with us. Mr. DeSisto will also be entitled to enter into our standard form of indemnity agreement, a copy of which is attached as Exhibit 10.1 to our Registration Statement on Form S-1 (File No. 333-115020), filed with the Securities and Exchange Commission on April 30, 2004.
So mgmt was well aware. This is all very amateurish.
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Post by dictatorsaurus on Jan 11, 2016 9:34:29 GMT -5
OMG this can't be happening.
It keeps getting worse. I'm absolutely speechless. Like literally speechless!!!
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Post by silentknight on Jan 11, 2016 9:35:29 GMT -5
I've tried to be patient with MNKD throughout all of this, but it seems like they disappoint at every turn. I can't help but feel this is a bad sign. It certainly doesn't bode well for the company.
You hire a new CEO, knowing full well that he was under stipulation from Insulet. He accepts, you issue a press release announcing it, then backtrack citing the Insulet angle that you were fully aware of?
It screams of bush-league management. Clearly Mr. DeSisto backed out and I can't help but interpret that as anything but a signal that things are dire and he wanted no part of it.
It's amazing how badly they seem to bungle EVERYTHING.
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