Smith & Nephew to spin off biologics unit into JV

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I think it's a positive move. Especially since the new CEO was going to CUT our funding this year by 12 million, as it was said on conference call. My only disappointment is that our compensation stays the same. Since we are getting flushed with more funding, it would be nice if our bare boned comp plan would get some sort of a booster.....
 


Anonymous said:
I think it's a positive move. Especially since the new CEO was going to CUT our funding this year by 12 million, as it was said on conference call. My only disappointment is that our compensation stays the same. Since we are getting flushed with more funding, it would be nice if our bare boned comp plan would get some sort of a booster.....
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I agree. At least it seems nothing will change except the logo and funding. Management rallied the sales force reminding them there will not be any detrimental changes except for GROWTH. Let's throw the sales force some capital in their responsiveness to change! Best way to show trust and confidence is to reward the teams effort in transitioning into a successful merger. Talk about boosting Morale. Or...will it be status quo for reps? How about finally adressing that car allowance, and compensation structure. Either way, I think it's a positive change and looks good for growth.
 


Sounds like the management team saved our butts from the chopping block. My question is, why invest in a new building in Memphis for manufacturing and ir? Why not bring it all to north Carolina and keep it under one roof? Guess they have their reasons but just wondered....
 


Or some kind of Seniority pay. Managers receive it so why not the sales force. Medtronic biologics does it etc. The sales force has to grow the territory by X amount to make the same pay as last year. Thats leads to good tenured reps leaving the company.

I'm guessing Augusti is getting a pay raise as CEO and as board member. If so, it's great for him.
 


although a majority of JV fail within 5 years, it will be interesting to see how the cultures of each organization pan out. for now, sit tight as you probably have more to gain down the road. patience.
 


What a great deal for MA is right! He should at least lobby for us to get a car allowance increase upon close and yes, merit increases or higher bonuses would be nice....

First thing they need to do is streamline this exogen ordering process and free up the time we are in our office.
 


Anonymous said:
Sounds like the management team saved our butts from the chopping block. My question is, why invest in a new building in Memphis for manufacturing and ir? Why not bring it all to north Carolina and keep it under one roof? Guess they have their reasons but just wondered....
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Might have something to do with fed ex. Other than that, your right in that it makes no sense to have any operations in Memphis.
 




Anonymous said:
Or some kind of Seniority pay. Managers receive it so why not the sales force. Medtronic biologics does it etc. The sales force has to grow the territory by X amount to make the same pay as last year. Thats leads to good tenured reps leaving the company.

I'm guessing Augusti is getting a pay raise as CEO and as board member. If so, it's great for him.
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Kind of a strange thing once you sit down and digest. Yes sir, good deal for mr. A.
 


So we hear nothing really changes for the sales force. How do we know if Essex will not go cheap and turn us into 1099 employees after a period of time?

There would be a mass exodus and a lot of pissed off individuals.
 




Anonymous said:
So we hear nothing really changes for the sales force. How do we know if Essex will not go cheap and turn us into 1099 employees after a period of time?

There would be a mass exodus and a lot of pissed off individuals.
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Or do what they do with other entities and sell us off to a public company......
 


Anonymous said:
So we hear nothing really changes for the sales force. How do we know if Essex will not go cheap and turn us into 1099 employees after a period of time?

There would be a mass exodus and a lot of pissed off individuals.
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that would be insane. with the millions of investment they plan on putting into this, I would hope they can continue to keep employee benefits and pay employee salary via revenue streams. what would be great is if they increased rep budget and scrapped advamed.
 


Anonymous said:
So we hear nothing really changes for the sales force. How do we know if Essex will not go cheap and turn us into 1099 employees after a period of time?

There would be a mass exodus and a lot of pissed off individuals.[/


Already a lot of disgruntled people. More than half of my region is looking and once more jobs open up, there will be a significant exodus, regardless. It would have been nice if they could have announced an enhancement for the sales force. Status quo and business as usual is not something to jump up and cheer about. They were vague on the call about where this infusion of money is going.
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