Poor execution on initial product releases, healthcare or consumer. For a company trying to break into consumer healthcare/wellness it’s not paying enough attention to applications/what target audiences want outside a hospital setting.
Culture changed around 2019-2020. A lot of veteran/senior leaders retired, were let go or reassigned in favor of yes men at the top. Certain C-level leaders have poor EQ and showed little respect for those who helped the CEO build the company from the ground up. CEO drives a lot of innovation and should be credited for revolutionizing pulse oximetry but power is too centralized. There’s too big an inner circle at the top, and not enough voices of reason checking the CEO. Anyone who dissents is fired or told they can go somewhere else if they don’t like it. There wasn’t enough pushback on well-intentioned but poorly researched ideas like Opioid Halo. It’s noble to want to prevent deaths like these when we have an epidemic, but CEO failed to understand the proper incentives that would convince HCPs to actually prescribe it for their patients. They’re not going to recommend if Medicare or private insurance doesn’t reimburse for it. Having inconsistent availability in offerings in different regions doesn’t help. But without proper leadership to push back on CEO, project went ahead and valuable time/money/resources were wasted.
His compensation package is ludicrous, even for a founder, and everyone else’s pay relative to other industry competitors is laughable. Everyone’s on pins and needles during this activist investor fight. Not sure it’ll be good whoever comes out on top, but a lot of good people have left because management is drifting away from their guiding principles. This company is the CEO’s baby, but he forgets that it took thousands of people over the years to make it the success it is today, yet he acts like the majority are replaceable.
