Board Member Ian Smith fired from Vertex

Discussion in 'Acorda Therapeutics' started by anonymous, Jan 26, 2019 at 6:24 PM.

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  1. anonymous

    anonymous Guest

    WHAT IS ACORDA GOING TO DO ?
    #METOO !!!



    people
    UPDATED: Vertex ousts longtime exec Ian Smith over unspecified code of conduct violations
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    by john carroll — on January 23, 2019 04:37 PM EST
    Updated: 08:34 P


    There’s some big trouble to report at Boston-based Vertex $VRTX, a bellwether company in the biotech industry.

    The cystic fibrosis drug developer announced after the market closed Wednesday that they had ousted company COO and interim CFO Ian Smith — their $6 million man — for personal conduct unbecoming an executive at the company.

    [​IMG]
    Ian Smith handout photo

    Here’s the statement:

    Mr. Smith’s termination is the result of personal behavior that violated Vertex’s Code of Conduct and values and is unrelated to the Company’s financial and business performance. The Company and the Board made this determination following a prompt and comprehensive investigation conducted with the assistance of independent external counsel, WilmerHale.

    Chief accounting officer Paul Silva will now step in as interim CFO while Vertex looks for a replacement.

    What exactly did Smith do? We don’t know, but the company made clear it was nothing they could overlook. According to the last available proxy from Vertex, Smith bagged a compensation package worth close to $6 million in 2017. That included a bonus of $1.3 million at Vertex, which has enjoyed a swelling amount of revenue from its CF drugs.

    Leerink’s Geoffrey Porges paid tribute to Smith, who “in our view had in many ways been the architect of the company’s financial performance and success.” But he also said the damage was centered on Smith alone.

    (CEO Jeffrey) Leiden and his colleagues confirmed that there are no other individuals implicated in this investigation and action, and they do not expect any further 8-Ks or other documents to be filed. The company will honor the terms of Smith’s employment contract, and there was no settlement or other agreement associated with his departure.

    “At Vertex, we are deeply committed to our culture of diversity, inclusion and respect, and we insist that all of our employees, regardless of their seniority, live our values and adhere to our Code of Conduct,” said Leiden in a prepared statement. “This decision was not related to any conduct concerning the company’s operations or finances. Vertex has a strong management team in place, as well as a deep bench.”

    Smith — a Big 6 accounting firm vet — joined the company about 18 years ago. Since then, he’s become a fixture in the biotech community and a sought-after board member on a roster of companies that includes Acorda.

    Vertex was ready to move with the news. All evidence of Smith’s former role at Vertex was wiped out on their web site, expunging his biography and corporate position.
     

  2. anonymous

    anonymous Guest

    There is nothing to do.

    Smith is smartest BoD member we got.

    Who cares ? We need his intellect.
     
  3. anonymous

    anonymous Guest

    He is a good man. Friend of Ron. Well connected.
     
  4. anonymous

    anonymous Guest

    Ron may hire him as Deputy CFO.
     
  5. anonymous

    anonymous Guest

    Harvey Weinstein was well connected as well.

    If Ronnie was half the SJW he likes to portray himself as, he would demand this persons removal from the BOD.

    Affiliation with people of this sort could jeopardize Ronnie’s Nobel Prize.
     
  6. Phil

    Phil Guest

    This guy needs to be fired
     
  7. anonymous

    anonymous Guest

    RC should have a our corporate detective investigate the allegations if not true then leave him on board. Agree we cannot risk Ron's Nobel nomination.
     
  8. anonymous

    anonymous Guest

  9. anonymous

    anonymous Guest

    You sexist pig

    Ian self identified as gender neutral

    How dare you apply your cis patriarchy sexism
     
  10. anonymous

    anonymous Guest

    *************
    He's been removed and now a non person. Let's stop all further posts about that person! We must not hurt our Leaders nomination chances for Nobel fame.
    **************
     
  11. anonymous

    anonymous Guest

    Are you serious? A Nobel Prize for someone who was not the inventor of the technology nor the formulation? If there is a person to receive it will be Rick Batcky, who got fired for the approval delay fiasco a few months back. (Maybe instead of a Nobel Prize, you should be thinking of the Darwin Award for Rick and Ron)

    https://darwinawards.com/darwin/darwin2018.html
     
  12. anonymous

    anonymous Guest

    Yes lets git serious. Our Leader did LEAD the effort. Period. End of story. There are many nominations every year for the Nobel in Chemistry / Medicine. We feel there is a decent probability of a nom. This could be a great PR victory for all Acordians, the publicity of even being on the 'final round list' would be immense.