KEY SUMMARY: I received a lot of comments on my post about Biogen’s layoffs, but I didn’t expect them to be so one-sided. It seems that in fact Biogen does have an issue and it is centered around their CEO who has a history of laying off people while taking an eight figure salary.
A recent comment on Biogen said “It is clear Mr. Scangos is weak in not standing up to the vocal shareholders seeking blood from the employees to get a small bump in share price. I am not sure about whether it is true CEOs are at higher risk of being sociopaths and therefor they make decisions to cut people the way normal people think about needing to take out the trash? It is true he will likely keep his 13M bonus and not share it with the employees in order to clarify he really does feel the pain of all those he let go and that he failed to lead by making inappropriate hiring decisions. I could be wrong, but considering he is vacationing post-cuts in Leon France this week it is highly unlikely he would even consider taking responsibility. Hopefully, I’m wrong. But time will tell”
It seems that Biogen’s CEO has a history of laying off people and bowing to the wishes of shareholders. However, what makes Biogen current situation so troubling is that they seem to be laying off some top performers and trying to replace them with contractors. No company can succeed in that type of environment.
I for one, could not work for a CEO who vacationed in France after announcing layoffs, while he takes a bonus of millions of dollars. Let’s not forget that behind these layoffs are real people with families to support. Biogen’s lack of concern about its people also translates into its lack of concern for patients.
There are still some very good and caring people at Biogen but I would suggest they look at their leader and decide whether he is someone you really want to follow.