| | | as I look at this, the downside case for IMMU is less than it was before.
This is probably a better BOD. Perhaps because the current one couldn't be worse. A new CEO coming in 2017 coupled with Doc not being chairman are also positive steps.
End of the day, I'm simply too reluctant to trust a BOD assembled by Doc and Cindy. So I will continue to support venBio.
Doc and Cindy needed to make moves like this years ago, so they would have time for shareholders to see if these changes were really changes. Waiting until the last minute after their hand is forced (which is certainly their style) doesn't conjure up much trust from me.
Lastly, based on the things li put together, at least venBio and IMMU mgmt agreed on some of the things which needed to be different. Including who is board chairman, who is on the BOD and who is CEO. These are real changes which IMMU has agreed to make.
fwiw, I'm a believer the number 1, 2, and 3 job of a BOD is to get the right CEO. If you have the right CEO, the BOD needs to trust this person run the business, not attempt to micromanage. If the wrong CEO is in place and the BOD feels a need to micromanage, the BOD has the wrong CEO in place and needs to find the right one.
As for Cindy's voluntary resignation saving IMMU some money, I'd be shocked if updated filings don't show she's gets a very golden parachute. |
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