CEO RK's Performance

No, I am not an underperformer. I will match my record against ass-kissers like you anytime.

 

Thanks for your input Tracie.

 

Count me as another skeptic. I am troubled with the big turnover recently in senior management. Hard to believe they were they all underperformers as well? And forgive me if I do not believe in coincidence. Do you think there was some other common thread that led to their resignations? You would have us believe that all these almost en masse resignations in senior management had absolutely nothing to do with dissatisfaction with the top leadership

Speaking for myself, I can tell you that I am not wet behind my ears, as you seem to believe!!!

 

TC, you of all the people should know better than to respond like this.

Rather than be caviler and dismissive about the grumblings going on in the organization, please listen to the wide-spread, genuine disenchantment in the organization, and see what you should be doing to rectify it. Your simplistic, knee-jerk response of asking people, who raise legitimate issues, to leave will not cure the underlying problem; nor will telling them of the company’s benevolence buy their silence. If you do not know that by know, you are not qualified to hold your position and, by ignoring the issues, if anything, you are doing a disservice to the organization.

Thank you

 

Please stop complaining and insinuating that there is unrest here. My job is too interact at all levels of management and my intuition tells me we have a very engaged sales organization, albeit a few disenchanted under-performing, in over their head reps and a couple similar RSD's. Lets pick it up and carry our weight people. I love this organization and feel committed to make it prosper, with or without you. Thank you

 

The CFO is walking away without even sticking around to collect his yearend bonus, which he could have collected if he would have stuck around a few extra weeks. Just goes to show how people hate working for Kill, that they are willing to leave behind a lot of already-earned money on the table, just to get away from him.

Well, what does that tell you about Kill????

 

Bully. Only in it for himself, and anyone who will manage the same way, such as DH and TC.

 

DH resurrected this dump so lets give kudos where it is deserved. He single handedly built us back into a viable entity and deserves credit.

 

You must be really dumb to be making decisions based on “intuition.” And you must be blind not to see that several of the senior management team members Rob hired have quit in the last few months.

Did you fail to recognize that disenchantment with Rob’s leadership had something to do with this wholesale resignation of the senior leadership team? Oh, wait a minute, it did not show up on your intuition radar screen, so how could you have noticed. Silly me!

 

This is the best laugh I've had in years. Thanks for posting this joke.

 

Com'on quit bothering TC. She is not as dumb as you make her out. She knows what is going on here, but she is willing to overlook the issues because she is paid to be a mouth piece for the company. Besides she can't fix RK's deeply ingrained flaws, and he is going to stick around as long as the board of directors let him. You got problems with RK's leadership, then raise them with the board of directors, not with RK's worthless, powerless minions. I suggest you get off this board and instead vent your anger at the company's board of directors for letting such a bully hold this position.

 

What is your definition of resurrection? And could you tell us specifically what DH and RK have accomplished that you consider resurrection? Just curious.

 

Rob will be gone soon. What a disaster. I personally ran away from him at NSM -can't stand to look at him , complete liar.

 

I think he's actually very charming, attractive and hard working. Most really respect and admire the way he has built us into a dynasty in incontinence

 

Why is TC posting here, against the company handbook? I can't see her having a very long career here.

 

You may be right.

Apparently there is a Board Room brawl going on between some directors, all centered around RK, his style, his compensation and his stewardship of the company. In fact this has gotten so bad that the Board Member even informed the SEC about this.

I say RK’s days are numbered, and those of his ass-kissers.

Check it out here:

http://www.sec.gov/Archives/edgar/data/894237/000091412116000856/co20160216-ex14.htm


Lewis C. Pell

February 16, 2016

Board of Directors
Cogentix Medical, Inc.
5420 Feltl Road
Minnetonka, MN 55343


Re: Cogentix Medical, Inc. ("Cogentix" or "Company")

Dear Board of Directors:

Now that almost a year has passed since the creation of Cogentix from the merger between Vision-Sciences and Uroplasty, circumstances compel me to write in my capacities as one of its Board members and largest shareholders, its largest lender, and a staunch believer in the great potential for our Company. I am deeply disappointed by what I see as the unsatisfactory performance and empty vision of the Company's leadership at both the executive management and Board levels. Having been the founder and largest stakeholder of Vision-Sciences, I at least as much as anyone made a commitment to – and placed enormous confidence in – the prospects of Cogentix. Having a track-record of successfully developing numerous businesses over multiple decades in the medtech sector, I recognized the benefits from combining the technology, products and sales and marketing infrastructures involved in the merger forming Cogentix. I have put a major financial commitment behind my confidence by, among other things, providing over $28 million in below-market loans to the Company. However, I cannot stand by while the current executive management and Board leadership jeopardize the Company's full potential.

At a pivotal time, the Company now faces the decision whether to renew the lavish employment package of its CEO, Robert Kill, who also is Chairman (as well as wears other hats). Mr. Kill enjoys compensation that is neither warranted by the Company's condition nor by market practices. In fact, the shareholders at the time overwhelming opposed his pay package. As do I. It should not be renewed. My profound concerns with the failures of Mr. Kill's leadership fall into several categories, including serious deficiencies in (1) economic performance; (2) corporate governance; and (3) strategic vision.

Economic Performance: As for financial metrics, the stock price and market capitalization of Cogentix under the current leadership has taken a beating. That is a reflection of the fact that investors perceive serious problems relating both to management and strategy flaws, which I further address below. As a result, our stock price is down approximately 75% since the announcement of the merger last year. Indeed, the Company's indebtedness now exceeds its total market capitalization. We cannot have a tin ear to what the market is saying about Cogentix through its depressed stock price; instead, we must take the steps necessary as soon as possible to solve the holes in leadership and business planning to which the market is responding so negatively.

Corporate Governance: As Board Chair, President and CEO, Mr. Kill exercises far too much control over the Company and the Board. Except for me, none of the other Board members actually have significant stock holdings in the Company and, as a result, their interests are not sufficiently aligned with shareholders. Instead, most of the other Board members are closely and personally aligned with Mr. Kill. Although the Board obviously should act as an independent monitor and check on Mr. Kill's authority and decision-making, examples of failures to do so include:

As noted above, Mr. Kill through his multiple roles and personal relationships with Board members obtained a compensation package grossly out of line with what is warranted. Despite the fact that shareholders overwhelmingly recommended against that level of pay, the Board majority still opted to bestow it on Mr. Kill to whom they appear beholden.

The recent decision by the Company's well-regarded CFO to depart has not only created a void but is read by the marketplace as a key insider's loss of confidence in the leadership and direction of the Company. To then make matters worse, Mr. Kill left us in a position with no choice but to expand his power beyond his positions as Chair, President and CEO to include the Principal Accounting Officer function as well. The consolidation of all these positions in a single individual is troublesome and inconsistent with best practices for corporate governance. The market has said as much, since the stock significantly dropped the date his departure was announced and has fallen roughly 10% since that announcement. In moving forward, we need to protect against continued vulnerability to power consolidation and must sensibly divide responsibilities to ensure that sufficient checks and balances – with teeth – are in place.

Strategic Vision: Not only have Mr. Kill and his Board allies presided over the loss of enormous shareholder value, but they have no sound strategy in place to put the Company on the path to achieve success. Contrary to the goals at the time of the merger, management has not created product lines through R&D or acquisitions. Nor do I support efforts aimed at the divestiture of some of the very assets that most consistently contribute steady revenue and positive margins. To shed productive assets would undercut the Company's ability to finance the necessary development of projects core to accomplishing our growth goals. I am suspicious that management and its Board allies may be more interested in finding means to generate short-term cash in order to pay for Mr. Kill's level of salary and to cover the Company's financial failures elsewhere. The answer, however, is not about short-sighted asset sales, but about building relationships and with the medical community end users of our current and future products – something which I know first-hand is a necessary ingredient for success in our business, but which our CEO does not do nor evidently understand.

Given these failures on the part of the executive and Board leadership, I cannot silently watch missed opportunities for what can and should be a truly winning venture. I therefore want to make known my goal and intentions to explore how best to make fundamental changes to the leadership of the Company, both at the executive and Board levels, in order to identify, pursue and put into place the talent and planning needed to steer the Company in the right direction.

As I believe that all shareholders should be aware of these serious issues regarding the Company, I intend to file this letter with an amendment to my Schedule 13D.

Very truly yours,

/s/ Lewis C. Pell

Lewis C. Pell

 

She holds the handbook immunity idol.

 

Anybody have anymore insight on this Board Room brawl? Perhaps some of you at the office can shed more light for us.

 

does anyone here have contact information for Lewis Pell. Thank you