I pulled out and re-read my annual report, and you know something, Shero, there are some conflicting aspects about this "Mgt. transition" in there. I didn't notice them the first time thru. The only place the "CEO Search" is mentioned is in a little bullet chart at the bottom of page 8, where FIVE "1998 Milestones" are listed: 1) TNT Phase I/II Europe 2) Complete LYM-I Phase III -> NDA 3) Product collaborations for VTA&VEA 4) Complete CEO Search 5) Commence LYM-1 SALES. What's indeed odd is that in Lon's "To Our Shareholders" letter, he never mentions a CEO search, and says that during the PAST YEAR that "we have implemented the largest transformation in the company's history by moving from a Company focused on R&D to one poised to commercially exploit its dominate position...". I notice now that he puts all that in the "PAST TENSE" and says nothing about Mgt. changes for 1998. Separate from his "To Shareholders" letter, interspersed in the report is a little flap between pgs. 3 & 4 that says "Techniclone will continue to expand its management team in future months". As I said, in the pg. 8 "Looking Forward" section, one of the "1998 Milestones" listed is "Complete CEO Search". The question is "Who writes the individual sections of the annual Report?". Worse case is "Lon wrote his LETTER to SHAREHOLDERS and the "board" (???) wrote the other sections (bullets/flaps)". Hopefully, Lon wrote it ALL, but it is strange his "LETTER TO" avoided all mention of future Mgt. changes.
Now, this leads to the ANNUAL MEETING last month. What was said there? I was thinking that that was a CLEAR OBJECTIVE made by EVERYONE, including Lon, that a new "business oriented" CEO WAS going to be brought to replace the "scientific/R&D-oriented" Lon. I believe that's what Davis has said - that Ed Legere is solidly behind this and said it would be done in 60 days. I had thought a new "Iacocca-type" CEO was imminent and we would be off to the races - now this - heavens, can't we catch a break!!??!!
Could someone who went to the Annual Meeting tell us what was said about the new CEO situation at that time? What did Lon himself say about it? DAVIS, help clarify some of this for us!!
Hopefully, this is all just a big misunderstanding and 2 months from now we're all happy as larks. |
