Well, we now have a better option than before.
"Immunomedics believes that the reconstituted Board and the succession plan announced today address the matters raised by venBio Select Advisors, one of the Company’s stockholders, with regard to the composition of the Board and future leadership." But what does venBio believe? One of their complaints was that both David and Cindy were on the BOD. That isn't changing. Two votes out of seven as opposed to two votes out of six—that's not much of a difference.
Cindy's voluntary resignation as CEO would save the company money, but prey tell—what is the argument for her staying longer at all? Absent an immediate resignation, and more clarity about her replacement (to be chosen by David, Cindy, Brian, and four newcomers), this package is not all that attractive.
What's been the succession plan for CEO up until this point, for unexpected events? They do have one, right? I presume it's been that Brian Markinson would serve as interim CEO until they found a permanent replacement. That would provide continuity, and he has the requisite experience. Whatever that plan has been, put it into place NOW.
Stark and Paetzold are gone, effectively immediately—not that they had much business being on the BOD in the first place. However, three of their enablers remain on the BOD—Goldenberg, Sullivan, and Markison. Not good.
venBio will continue to have my proxy. I'll let them figure it all out. |
