At least he won’t go hungry

At least he won’t go hungry

We know in these days of multimillion dollars CEO’s that walking away with a multimillion dollar severance package is not really big news but that doesn’t mean we have to feel good about it. This is exactly how we felt when we read that Chris Viehbacher, the ex-CEO of that soap opera known as Sanofi (NYSE:SNY) will be receiving a severance package worth over $5 million. Now keep in mind that this is the same person who’s been accused of illegally kicking back millions so that Lantus would remain a blockbuster. This is the same person who oversaw Apidra, iBGStar, Lyxumia and pushed for the partnership with MannKind (NASDAQ:MNKD) although his own team advised against the move.

As we said when this soap opera was first beginning we really have no problem with what the board did more so we had a problem the way and how they did it. Just to prove that he’s no better than Viehbacher, Serge Weinberg the acting CEO is wasting no time making his share of mistakes. Yes our favorite quote machine who cannot open his mouth without fully inserting his foot has made quite an impact already. Besides the many crazy quotes he has failed at his most important job, which is finding a replacement for Viehbacher.

Please don’t tell us that this is really that tough, heck if the Chicago Bears can find a new head coach in just a few weeks it shouldn’t be that difficult to find a person willing to become CEO of a multi-billion pharmaceutical company, especially when they know even if they screw up they will have a nice fat severance package waiting for them. The fact that this search is taking so long shows that Serge blew it and now is in full blown scramble mode. We would say this is embarrassing unfortunately for Sanofi this par for the course.

Perhaps this is why the company lost another key executive when Paul Sekhri, who was leading the company’s Integrated Care Center of Excellence, decided to leave the company after just 9 months. Mr.Sekhri is just the latest Sanofi executive to abandon ship which should a clear signal to Serge that he should stop sitting around drinking wine and it might just be a good time to get a CEO. We continue to believe that Serge is purposely delaying the selection as he wants to assume the job full-time.

As much as Diabetic Investor would relish having Serge in that position, like we said before he’s the Ozzie Guillen of CEO’s, we’re not sure Sanofi stakeholders would be that thrilled. Since assuming the role as acting –CEO Serge has managed to throw the entire sales organization under the bus, outlined an ultra-conservative strategy for the future and no matter how it’s sliced he screwed up by how the board got rid of Viehbacher. This guy has about as much business being CEO as Diabetic Investor has being head coach of the Chicago Bears.

Not like we need more evidence on just how screwed up Sanofi is, as we reported yesterday the company seems to think that a trier 3 formulary position won’t adversely impact sales of Afrezza.

Actually Viehbacher probably feels pretty good even though he’s been accused of doing something illegal, as at least he won’t have to go down with the ship having been cast adrift when mutinied by the crew. He can watch from afar and likely have a good chuckle as he watches his former company stumble from one disaster to another. He’s already made millions is about to get millions more and it’s a very good bet another company will come along and hire him. This my friends is the nature of the beast.