Just one more

Just one more

Yes we know its Friday and everyone is anxious for the weekend to begin and this is a big weekend too with the SuperBowl on Sunday. And we know this is our third post of the day but there are just some items that cannot go uncommented. This one comes courtesy of that gift that keeps on giving our wine drinking friends in France that soap opera known as Sanofi (NYSE:SNY). Now before we get started we’d like to extend a special thank you to both Reuters and FiercePharma for their excellent reporting on this soap opera.

Well it seems that our new favorite CEO Serge Weinberg may have bitten off more than he bargained for when he canned Chris Viehbacher. Based on reports from both Reuters and FiercePharma the search to find Viehbacher’s replacement isn’t going all that well and that his recently revealed severance package is part of the problem. According to an unnamed source quoted by Reuters; “The trouble with finding a successor hinges on the fact that we don’t know the real reason he was fired, and because a lot of people are asking themselves questions about the subject”.

“The very low payoff he received only reinforces the idea that the reasons he was fired are not the ones that have been talked about,” Reuters‘ source said–and that might be scaring off CEO candidates, too.

Could it be that Serge and his fellow board members haven’t told the whole truth and nothing but the truth about why Viehbacher was fired. That maybe just maybe they did know about the shenanigans Viehbacher and some other Sanofi executives were pulling with illegal Lantus kickbacks. Could it be they knew that Viehbacher pushed through the MannKind (NASDAQ:MNKD) partnership even though his own due diligence team told him to run and not walk away from this very bad idea. Perhaps they knew the true extent of just how bad things were with the diabetes unit and just couldn’t take it anymore.

A source close to the company told Reuters regarding the search for a new CEO, “I think it is going to take time. What we risk missing in the meantime is a strategic vision that you cannot have without a deep knowledge of the pharmaceuticals sector.”

So the company is now run by our favorite quote machine who has no pharmaceutical experience something that is painfully obvious given his many foot in mouth statements. Diabetic Investor has known many under qualified individuals running diabetes units but even these less than qualified individuals would never publicly throw the field sales team under the bus or make more public statements that reveal their ignorance of the diabetes market.

Listen we really didn’t need more reasons to believe that Sanofi has major problems. Saying Sanofi has issues is like saying that it’s cold in Chicago during the winter.

So like it or not we have more free advice for Serge and his fellow board members. Do something unheard of and publicly admit that they made a mistake by firing Viehbacher so abruptly and not having a successor waiting in the wings. Publicly or even privately apologize to the field sales force and for added good measure allow this team to throw tomatoes at the board or at minimum give each sales person who so desires the opportunity to get up to the microphone and berate the board.  Then top it all off and this is for you Serge, resign.

We’d also like to reverse some previous statements made on the subject as Diabetic Investor is now willing to take the CEO job albeit if the company can agree to the following conditions. First we must be based in Chicago during the spring, summer and fall and either Napa Valley or the Scottsdale area during the winter. Next and we know this could be a deal breaker allow us to bring in our own team and get the hell out of the way. In exchange and this is a big concession from Diabetic Investor, we will agree to start drinking wine. We’re also willing to settle for a small starting salary of just $2 million per year provided additional compensation comes our way as we turn things around.

Now we’re sure there are many who are saying wait Diabetic Investor even with 20 plus years in diabetes has no experience running a major pharmaceutical company. True enough but the fact is Serge doesn’t have any either and quiet honestly it would be difficult to do worse than he has and we can guarantee with Diabetic Investor at the helm things will be more fun.

Have a great weekend everyone enjoy the game. Our predication Patriots 42 Seahawks 38.