ggwpq,
I agree with you. To be honest, KM is not really a "CEO". He's a footsoldier. His experience prior to this was rolling out new drugs and training a sales force.
Other than the legal disaster, the next biggest mistake that Amarin has made over the years is with the CEO job. JT was not the right guy for the CEO job (I'm sure he was a fine CFO, and not a bad guy). And KM was not the right guy for the CEO job either.
In both cases, they took people with no CEO experience and threw them into a situation that they had no business being in. If this was a "typical" small biotech startup, where the plan was to get the drug through approvals, and then sell to BP, then that would be fine. But they ended up rolling this thing out worldwide and actually commercializing it themselves. They really needed CEO's with far more clout than who they have used, if they were really going to go through with it.
Now, my assumption is:
1. The original plan was to sell the company after REDUCE-It, which is why they had JT in place. He's a finance guy, and his role would just be to consummate the sale. But then either they got greedy and wouldn't take lowball offers, or those offers just never materialized at all. And then they were stuck having to GIA until/if they got a buyout. And JT was not the right guy to sail that ship. But I don't think GIA was their original plan. I think it was Plan B.
2. Now with KM, they figured he has tons of experience rolling out new drugs in Europe, he would be the ideal fit. Well, maybe ideal as the guy rolling out the drug, but not ideal as the CEO. He is living in Europe. He is basically a footsoldier over there, while trying to run the company at the same time. I just think it's a bad fit, and there's probably too much on his plate for him to actually be effective.
So, in the end, I blame the former board members (I guess there's still a couple of them) for the bad decision making. I wish I knew what PWO's position is on the company. Clearly Denner is not happy with whatever that is. The fact that PWO has been here one year, and Denner wants him out is pretty telling.
I also think it will be pretty telling what Denner does with the board and management team if he is successful. If he keeps KM in place as CEO, then that tells me that the issue is one of overall strategy.
The next 2-3 months will be very interesting.
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