Post by peppy on Jun 9, 2017 12:32:54 GMT -5
it happened today ...I could be wrong but I could be right as well.
Who can give me a good reason why a Head of Marketing get promoted to CEO in 14 months when other members of the company have been at
MNKD for years....
It was bad enough that the Executive Managment team in place since 2002 botched the drug development plan from the get-go because no one in Sr. Management or on the BOD had any freaking idea what Mr. Mann had embarked upon. Zero knowledge of drug and device development in tandem. Zero. I am still mortified to this day that Kent Kress is Chairman of the Board. When Kent was a Board Member and Al was Board Chairman, Kent did not speak up and serve as an important voice to Al so to ensure he was not led astray by then CEO Hakan Edstrom. Hakan had zero understanding of what Mr. Mann had embarked upon so how could he have been the right candidate for this important job? He simply was not and being a nice guy means zero to Wall Street.
In the end, this CEO spelled the disaster we are living today as long term investors.
Ask yourself why a euglycemic clamp study was necessary (which was just published this month) if those in the medical department up through the Sanofi partnership had any freaking idea of what they were doing? Sanofi saw it was needed so why not those highly paid executives? There's your answer.
Kent Kressa and those who remain active on this board with the exception of a few newer installments were not experienced and were not sufficiently engaged because if they had been, Hakan should have been gone in 2007. That's when Al should have hired someone like a Wayne Desisto. Today, only Joe Kocinsky and David Thompson remain in executive management. The rest of the inept band of characters are history. Gone.
I for one believe Mike deserves whatever options he gets because he alone has made an enormous difference to the future of Afrezza. Of that you can be sure.
Does this signal a buy out? I don't think so but I don't inhabit the realm of the new MannKind executive-sphere but that said, a letter I wrote to the BOD spells out very clearly what my expectations are if a buyout is even remotely being considered at this point in time. It's on the record so any recourse will be mine to take if its content is ignored a la Kent Kressa style.
