Mr. Gambler asked,
"Now, here's my question for
Mr. Gambler asked,
"Now, here's my question for you: can you give me examples of how the executive officers have met or exceeded their performance during the last year that would warrant an increase in their compensation?"
I like the way you think, Mr. Gambler. Your question is an excellent one and strikes right at the opaqueness of the current management.
We do not have any way to judge the performance of the executive officers. I have not seen any of their metrics to evaluate performance so that is why I came up with the 2 metrics that seem important to me-1) keep the company open 2) Get the FDA hold lifted
So this management is batting 50% so far. On the face of it- not so good. You feel that 2 years is enough to get the hold lifted and if they fail then their compensation should reflect that failure. I would usually agree. But if that happens then CYDY can kiss off attracting any real talent that the FDA might respect. We need an interim CEO like Ed Kaye, who the FDA respects, who has been in this kind of a situation before with SRPT and left shortly after the FDA approved their drug.. I just don't think a company like CYDY can attract a CEO like Ed, who is known in the business, without some sort of a enhanced pay for performance clause in the contract offer. That is way wrong but that is the situation CYDY is in.
At this point I don't think it takes a lot of talent to listen closely to what the FDA is asking for and then provide it promptly. If the FDA wants a specific way to run a specific trial, and if CYDY doesn't have the talent to provide the details, then they should contract out that job.
We really don't know what the FDA is now requiring of CYDY to lift the hold.
You've made it clear that 2 years is enough time. I'd agree with you on that usually but I think CYDY got way deep on the FDA's bad side for a number of reasons. It is going to take longer to climb back out of that hole.
I'll give them 3 years to get it done. Our reward and health care's reward will be significant but we can only wait and watch and grasp at any morsels of info that get passed our way.
It ain't right- but that is how it is trying to break into big pharma.
6
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