The CEO and the board set the direction of the company. The...

The CEO and the board set the direction of the company. The existing board of UNS has been there for quite some time. If they were fully engaged they were aware of the current events and cash positions and events that were in the normal flow of business. Both positive and negative. I would off that none of them have been a CEO of a large company.

Kindly review the current board make up and skill sets most were strong financial backgrounds. One a lawyer (Mary)

My point is that all events the company went thought they were keenly aware.

Regarding the CFO, if things were not clearly presented to him on the current state of contracts, revenue projections, cost structure, capital requirements, hiring needs and manpower forecasts, RD and customer programs expenses then he might have been shielded from the the true picture. He may or not be a OrbiMed pick.

Regarding the various funding strategies that the company employed, be certain they were approved by the board.

One last thought, if Hastings was brought in to right the ship on expense control, he must have been given much latitude and support from OrbiMed to structurally change the business model of the company.

This may have lead to strong conflict with the existing leadership. Remember not long OrbiMed wanted to sit in all meetings. Short time later changes occurred.

BY disclosure, been involved in three corporate turnarounds. Sometimes its the board, the CEO or both, maybe the actual direction of the company is wrong. Read Ram Charam. Just random thoughts while we wait. RRM