After they significantly increased the goals for the neuromodulation sales force they chopped the hell out of the commission plan that disproportionally penalizes the larger territories. So they are screwing the very reps that worked their asses off for years to increase the company's revenue. Work harder for less money?! What's the incentive to grow your territory if you aren't going to get to share in your increased productivity? And management wants to know why workers do just enough to get by. Management has gone in to hiding because they don't even have a viable way of spinning this move. Are they dissatisfied with the performance level of the sales force? Is the company in a financial crisis? Nope, we're just going to cut your commissions and if you don't like it too bad. All of this after being lectured by Jason Richey on the importance of "integrity" just two months ago. First you eliminate performance based raises now this BS. In a matter of months you've completly destroyed any trust or faith the sales force has in it's leadership. Typical corporate behavior when the higher ups get too far from carrying the bag and they start believing their egos are what's driving the numbers. Don't be surprised if you see a lot of misses this quarter because the sales force's efforts declined the same way their commissions did.
Beware of LivaNova
- Thread starter anonymous
- Start date
-
- Tags
- None
Why all the bad vibes, you made your money, stop your crying or move on! Why should you get paid now on all the revenue since you can't turn and burn devices like you did in the past.....it's all about new biz now buckaroo, no more EOS BS. This JR is just like the old one, he's just thinking differently cause times are a changing! Get with the program or beat it!
You're a moron who lacks the capacity for critical thought. Who ever fed you your info gave you just enough to bury yourself in your own stupidity. The new "incentive" program does zero to encourage the growth of "new biz". If a territory generated a 100% of it's revenue from new implants they would still take a pay cut. The company knows EOS business is declining so the reps are forced to increase their new business just to hit their units number. If the goal was to increase "new biz" why wouldn't they just increase the territories NPI goal? That's because your post doesn't hold water and is typical corporate spin.
"Why should you get paid?" Uhhh...morals, ethics, "integrity". Only a soulless, narcissistic, psychopath would pose this question. If you hire someone to do a job you should pay them what you told them you were going to pay them. If you're going to incentivize them to grow their territories and increase their productivity then the work force should share in the spoils and increased profits. It goes to how a company views there workforce. Do they value and respect their employees or are they expendable?
I'm sure many will "beat it" and "move on", especially the more successful reps because they are the ones taking the biggest hit. The arrogance is that they think they will plug in the next rep and get the same results after they start chopping up larger successful territories into smaller nonviable territories. LivaNova, Jason and Fred have shown their true colors and the sales force won't forget it next time they give one of their BS "be great" speeches.
If you're considering employment under this leadership think twice because they have no problem saying one thing and doing something else.
Please tell me this person doesn't work for the company. If this is what management thinks is going on in the field then they are more out of touch then I thought. "Turn and Burn"? What, they cut our pay because they thought the job was getting to easy?! You make it sound like there is a huge line of patients waiting every quarter to get a new generator. We bust our asses every quarter to hit our number and like the previous post said the company knows EOS is going down. What did they think would happen when you sold a generator with a high capacity battery? If it's all about new biz then put pressure on reps who aren't producing NPIs and are coasting on EOS. This doesn't have a damn thing to do with new biz, I'm sure Fred and Jason are probably getting a big bonuses to cut payroll because the new LivaNova didn't like sharing the wealth. It looks like Mr. "Integrity" wouldn't hesitate for a second to throw his sales force under the bus if it puts more money in his pocket.
The only person that really knew what was going on here continues to sell the stock knowing it's at an all time low. I guess rewinding the auto sell plan didn't pay off.
Good luck unloading in front of your board and justifying a high PE.
Signed M.V.
Good luck unloading in front of your board and justifying a high PE.
Signed M.V.
This company is self destructing, I feel sorry for the Cyberonics investors who believed that Sorin was actually bringing anything to the merger. Since the merger the company has gone from a 3.2 Billion to a 2.3 Billion in valuation. The corporate joke at within the Houston office is "How do you create a 1 billion med tech start up?? ..... you let the current CEO of Livanova merge two companies worth 3.2 Billion dollars.
The old boys club executive board has no clue or care for the future of this corporation they are an old irrelevant group of european aristocrats looking for their one last pump and dump before they retire in their villas with wives and girlfriends. It will be interesting to see how long it takes the institutional shareholders to wake up and start liquidating the company. I believe the corporate roadmap must be similar to that of Theranos
Short Interest LIVN
Shares Outstanding 49.07 Mil
Float 43.00 Mil
Shares Short (as of 05/13/2016) 2.09 Mil
Short % of Float 4.86%
Short Ratio 5.77
Shares Short Chg. (from 04/29/2016) -6.75%
The old boys club executive board has no clue or care for the future of this corporation they are an old irrelevant group of european aristocrats looking for their one last pump and dump before they retire in their villas with wives and girlfriends. It will be interesting to see how long it takes the institutional shareholders to wake up and start liquidating the company. I believe the corporate roadmap must be similar to that of Theranos
Short Interest LIVN
Shares Outstanding 49.07 Mil
Float 43.00 Mil
Shares Short (as of 05/13/2016) 2.09 Mil
Short % of Float 4.86%
Short Ratio 5.77
Shares Short Chg. (from 04/29/2016) -6.75%
Yes, why did the cyberonics buy into the Sorin BS more problems to come
Bacterial infections at York Hospital prompt 2 lawsuits
In February, two York County men filed a more than $5 million lawsuit against LivaNova. The case is pending.
Suits allege negligence by York Hospital, device manufacturer
York Dispatch - Jun 27, 2016
Bacterial infections at York Hospital prompt 2 lawsuits
In February, two York County men filed a more than $5 million lawsuit against LivaNova. The case is pending.
Suits allege negligence by York Hospital, device manufacturer
York Dispatch - Jun 27, 2016
Ballester, Andre-Michel makes $1,435,127.09 / year in compensation
Mr. Andre-Michel Ballester is Chief Executive Officer, Executive Director of the company. Since 14 September 2015. André-Michel Ballester is the current chief executive officer of Sorin and was appointed to this role in September 2007. From 2004 to September 2007, he was president of Sorin’s Cardiac Rhythm Management Business Unit. André-Michel was, from 2000 to 2004, Corporate Vice President EMEA, Asia and Latin America for Edwards Lifesciences. André-Michel spent his professional background in Edwards Lifesciences and Baxter, where he participated in the successful spinoff of Edwards Lifesciences from Baxter. For over 10 years prior to Edwards’ spin-off, André-Michel held several executive positions in Baxter in Europe and in the USA and was appointed president of the CardioVascular Group, Europe in 1997. Currently André-Michel also serves as Independent Director of the Board of Carmat SA and of Mauna Kea Technologies, listed med-tech French companies. In 2012, André-Michel was appointed as a ‘Chevalier dans l’ordre de la Légion d’Honneur’ (“Legion of Honour”) in France. Born in Orleansville, Algeria, and raised in France, André-Michel received his M.S. degree in Engineering from Ecole Centrale, Lille, France, and his M.B.A. from INSEAD, Fontainebleau, France.
BASIC COMPENSATION
Total Annual Compensation, GBP $220,219
Restricted Stock Awards, GBP --
Long-Term Incentive Plans, GBP --
All Other, GBP 861,670
Fiscal Year Total, GBP $1,081,890
Mr. Andre-Michel Ballester is Chief Executive Officer, Executive Director of the company. Since 14 September 2015. André-Michel Ballester is the current chief executive officer of Sorin and was appointed to this role in September 2007. From 2004 to September 2007, he was president of Sorin’s Cardiac Rhythm Management Business Unit. André-Michel was, from 2000 to 2004, Corporate Vice President EMEA, Asia and Latin America for Edwards Lifesciences. André-Michel spent his professional background in Edwards Lifesciences and Baxter, where he participated in the successful spinoff of Edwards Lifesciences from Baxter. For over 10 years prior to Edwards’ spin-off, André-Michel held several executive positions in Baxter in Europe and in the USA and was appointed president of the CardioVascular Group, Europe in 1997. Currently André-Michel also serves as Independent Director of the Board of Carmat SA and of Mauna Kea Technologies, listed med-tech French companies. In 2012, André-Michel was appointed as a ‘Chevalier dans l’ordre de la Légion d’Honneur’ (“Legion of Honour”) in France. Born in Orleansville, Algeria, and raised in France, André-Michel received his M.S. degree in Engineering from Ecole Centrale, Lille, France, and his M.B.A. from INSEAD, Fontainebleau, France.
BASIC COMPENSATION
Total Annual Compensation, GBP $220,219
Restricted Stock Awards, GBP --
Long-Term Incentive Plans, GBP --
All Other, GBP 861,670
Fiscal Year Total, GBP $1,081,890
This schmuck comes in and decides we are over payed even though he has no idea what we do. And I'm sure he's one of those self involved pricks that thinks he deserves that compensation while he slashes the commissions of those that actually drive the company's revenue.
Not hard to imagine the statistic that CEOs are four times more likely to be a psychopath. Well if your leadership has gigantic egos, lack remorse guilt or empathy and enjoy manipulating people it isn't that hard to imagine.
Not hard to imagine the statistic that CEOs are four times more likely to be a psychopath. Well if your leadership has gigantic egos, lack remorse guilt or empathy and enjoy manipulating people it isn't that hard to imagine.
Wow your pretty naïve not to see this coming. This guy is only trying to right the ship since Moore left you out to dry. He was the psychopath and you didn't even know it. Sales are in the dumper and will be for a while. Only bottom line #s can be impacted. By by bonus boys!
Cutting the overpaid CEO's compensation would put a nice dent in the bottom line.
If you don't mind me asking, what is a top 5% - 10% Rep making selling Neuromodulation. Considering an opening. I have over 18 yrs experience in Neuro (Neurodiagnostics, clinical research) and was curious if the overall comp is going to be adequate. Granted I am in a managerial role currently, but for a typical rep running a territory is there an opportunity to make north of $250K if over plan?
It will depend on territory and geography. Honestly, even if you could make well over $300K it's not worth it. With you having 18 years experience, this company will destroy any reputation you have. Cybx recently restructured their comp plan, the patent is gone, new and coming competition. They rely on replacements for any stability in revenue. The market is hot right now, if you're looking for a change, I suggest you go anywhere but LivaNova
QUOTE="anonymous, post: 5680395"]This company is self destructing, I feel sorry for the Cyberonics investors who believed that Sorin was actually bringing anything to the merger. Since the merger the company has gone from a 3.2 Billion to a 2.3 Billion in valuation. The corporate joke at within the Houston office is "How do you create a 1 billion med tech start up?? ..... you let the current CEO of Livanova merge two companies worth 3.2 Billion dollars.
The old boys club executive board has no clue or care for the future of this corporation they are an old irrelevant group of european aristocrats looking for their one last pump and dump before they retire in their villas with wives and girlfriends. It will be interesting to see how long it takes the institutional shareholders to wake up and start liquidating the company. I believe the corporate roadmap must be similar to that of Theranos
Let's see how things shake out in the next few weeks. equinox two knows whats up while trying to unload a 300M position. Tough to get out as it goes down but who in the world would own 10% of this donkey dew
The old boys club executive board has no clue or care for the future of this corporation they are an old irrelevant group of european aristocrats looking for their one last pump and dump before they retire in their villas with wives and girlfriends. It will be interesting to see how long it takes the institutional shareholders to wake up and start liquidating the company. I believe the corporate roadmap must be similar to that of Theranos
Let's see how things shake out in the next few weeks. equinox two knows whats up while trying to unload a 300M position. Tough to get out as it goes down but who in the world would own 10% of this donkey dew
All I've seen from the merger is a big pay cut, a ridiculous car plan and a bunch of corporate restructuring which as far as I can tell is a bunch of new titles for the people at the top who don't actually do anything to move the needle. I'm sure they are all getting stock as part of their compensation since that's all the company seems to care about. One of the dozen managers the company feels they need to roll s*** down hill to the sale force puts out an email touting the 15% growth in revenue and NPIs the sales force has created. Then why did you cut our commissions?! Not a smart move on his part seeing how it just emphasizes how greedy the bastards are that are running the show. They have already started losing good people and apparently they just create new positions for the ones they feel they need to hold on to. I would love to see how a Key Account Manager gets paid.