MannKind Corp. (MNKD)

[COO2002COO]

Drugmaker Sanofi (MNKD's partner) Fired Its CEO For Being Insufficiently French, And The Stock Is Tanking

In the letter, Viehbacher wrote that “it has come to my attention, first through rumor, that the chairman of the board is actively seeking a successor to me as chief executive officer …I, of course, respect the board’s right to change the CEO. I would also like to draw to the board’s attention my personal views about why changing the ceo now would be detrimental to the interests of shareholders and other stakeholders…”

Viehbacher cited the price of Sanofi stock, which was at an “historic high” at the time, recent results of clinical trial data for various medicines and the “value” of the product pipeline. And he argued that removing him would destabilize senior management; disrupt alliances with other companies, such as with Regeneron Pharmaceuticals, and alter relationships with regulators and industry trade groups.

“I have worked hard and traveled long distances over the past five years to rebuild a Sanofi that is financially successful, provided new hope to patients through innovative new medicines and built a strong leadership team,” the 54-year-0ld Viehbacher wrote. “I ask you not to put this development at risk and that we have a dialogue about what the board would like to see going forward.”


http://finance.yahoo.com/news/drugmaker-sanofi-fired-ceo-091414687.html