Enema

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anonymous said:
I worked my ass off at DS world to come home and be handed my walking papers. Anyone know how many others took the axe due to incompetency at the top?
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Sorry to hear about those let go today. The dental division has faced headwinds due to the consolidation of private practice customers into DSO. That market dynamic was not the downfall of dental. The downfall of dental has come about by the absolute incompetence of the senior leadership team - disconnected, hubris, pig-headed, etc. When the bean counter took over, the duopoly running dental ran it further into the ground. There is no plan to improve the dental business other than to squeeze out costs, let the software leadership team burn that business down, etc. Good luck
 






anonymous said:
Sorry to hear about those let go today. The dental division has faced headwinds due to the consolidation of private practice customers into DSO. That market dynamic was not the downfall of dental. The downfall of dental has come about by the absolute incompetence of the senior leadership team - disconnected, hubris, pig-headed, etc. When the bean counter took over, the duopoly running dental ran it further into the ground. There is no plan to improve the dental business other than to squeeze out costs, let the software leadership team burn that business down, etc. Good luck
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You nailed it 100%.
 






























The mismanagement of the software portfolio here is nothing short of legendary. Cecile couldn't be more incompetent if she made it her life's mission. It's like we're witnessing a masterclass in how not to run a company. They seem to be collecting middle managers like they're rare Pokémon cards, while the development and support teams are left on life support. And then there's Mick, Brad, Brian, Dan, and Chris—the clown squad. If they had any less of a clue, they'd be wandering around with their shoes on their heads.
 












After taking a week to reflect on my departure from Patterson following 15 years of dedicated service, I want to first express my gratitude for the opportunities you’ve provided to my family and me. However, now that I have been "laid off," I have gained an outside perspective, and it’s become clear that the daily efforts are dismantling what was once the most prestigious company in the dental industry. Patterson has become increasingly beholden to failing partners who are ill-equipped to navigate the evolving landscape, much like those within the organization who are scrambling to stay relevant. Mediocrity is being rewarded, with no accountability for legacy reps who show little motivation to grow their business portfolios. Many of my colleagues routinely bypass multiple dental offices on their way home early, assuming these offices, especially those part of a DSO, aren’t worth pursuing. Worse, there seems to be little emphasis on presenting modern solutions because Patterson is failing to educate and equip its reps with the necessary tools. The majority of branches lack proper demo equipment. It’s hard to imagine any practice committing to new technology—technology that must be integrated, trained on, and used with patients—without ever touching it first. And when doctors do want the opportunity to see and present equipment, they often have to pay out of pocket to travel across the country just to have that chance. Meanwhile, you stand in front of us, telling us your "accountants" believe it's a viable option to reduce reimbursements, as travel costs skyrocket. I’ve personally spent thousands of dollars of my own money on lunches just to get time with clients.
I’ve witnessed firsthand the shift in focus, where DI (Digital Impressions) was overlooked for years, allowing iTero to take over the market. Now, after 15 years of missed opportunity, there’s a sudden pivot to scan/send technology. It will take five sales of PrimeScan 2 to match the revenue of a full system, but the market focus has changed too late to make a meaningful difference. Yes, the technology remains superior (as someone with 10 CEREC restorations, I can vouch for that), but Patterson missed its chance.
And after working 14-hour days at DS World, selling hundreds of thousands of dollars worth of equipment, I returned home only to be terminated and immediately locked out of the system as if I had done something wrong. The severance package offered was riddled with unreasonable stipulations, limiting what I can and cannot do moving forward. Are you aware that as of April 23, 2024, non-compete agreements will no longer be enforceable?
As a middle-aged, hard-working employee who was once loyal and dedicated, being let go during the fourth quarter, heading into the holiday season, feels like a calculated blow. You know the industry is under a hiring freeze, and job opportunities are scarce. Yet, this is the treatment afforded to those who have given years of service.
In conclusion, I have no doubt that many of you, as individuals, are professionals of integrity and compassion. But it is clear that leadership, as a whole, has been beaten into submission, unable to do the right thing or stand up for those who have stood with you in the trenches. A culture of "self-preservation" has taken hold, and the organization has lost sight of its most important asset: its people.
Lastly, it’s a well-known joke among reps that our leadership team, despite their hefty paychecks, demonstrates little respect for us by dressing in jeans and Nikes while preaching excellence. In contrast, I was once sent back to my hotel by the respected Jim Wiltz on my first day of training for forgetting my tie, with transportation arranged to ensure I retrieved it before being allowed to return. Patterson was once a company that valued excellence and professionalism. I hope it can find its way back.
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I've been racking my brain since I was let go on 10-1-24, as to how this company expects to stay competitive in an increasingly competitive marketplace. In the 10+ years I was with Patterson, the mantra was "Trusted Expertise, Unrivaled Support". Customers are willing to pay a premium to do business with PDCO because we have the best service, support, and reps in the industry.

Then they take an axe to Talent Acquisition, Training, Support, and Service?

Are they pivoting strategy in an attempt to becomes the lowest-cost distributor? Schein is over 3x the size of Patterson, they have economies of scale PDCO could only dream of.

If the quality of service and support slips, what is stopping customers from buying from a lower-cost distributor?

Is there any long-term strategic thought going into this decisions, or are they frantically trying to put out a fire so that we finally meet Wall Street expectations for Q3 and Q4?

Assuming PDCO rebounds eventually...who wants to go to work for them, when potential recruits know they can make more money anywhere else in the industry? For years we attracted and retained top talent based on the culture, not pay - great benefits, company ownership, work-life balance, and treating employees like a person instead of a number.

All these competitive advantages seem to have slowly eroded over the past 7 (or so) years. And this is reflected in the stock price which has lost 60% of its value since 2017.

But maybe I am losing sight of what is truly important - the C-Suite getting fat bonuses for Q3 because the expense line of the P&L is down.
 












Reps jumping ship at an alarming pace. Layoffs, pay cuts, now benefit cuts. TRs and Specialists all starting to see the writing on wall. Sure hope this new CEO makes a positive impact right out of the chutes as I'm seeing tenured producers bail. Shame as this didn't need to happen. Any questions around Little Timmy's departure are answered. He wasn't OK with all the cuts the new guard execs were planning.
 


















Directly from DEF 14A filing 8-2-2024. You get Delta Dental, reduced mileage, and a tidy pay cut because you know, headwinds. Conversely, I'll be taking a 14% raise while missing 3 quarters in a row..

In October 2022, we entered into an employment agreement with Mr. Zurbay. Under the terms of the agreement, Mr. Zurbay’s initial term of employment as our President and Chief Executive Officer will continue until October 11, 2025, at which time, unless notice to the contrary has been provided, the term will renew for successive 12-month periods. The agreement provides for an annual base salary of at least $900,000 as well as participation in our other employee benefit plans and reimbursement for business expenses. Mr. Zurbay also is eligible to earn annual cash incentive compensation, which is payable if a threshold level of performance is achieved, pursuant to our MICP. If performance at target under the MICP is achieved, Mr. Zurbay’s annual cash incentive compensation would be at least $1,125,000 for any full year of employment. In addition, Mr. Zurbay is eligible to receive annual long-term equity-based incentive compensation pursuant to our Omnibus Plan, or any successor plan thereto, which awards currently consist of 50% performance stock units and 50% restricted stock units, with an aggregate target value of at least $3,500,000 for any full year of employment. Mr. Zurbay’s base salary, annual cash incentive compensation, and annual long-term equity-based incentive compensation will be reviewed on an annual basis and may be increased by the Board during the initial term or any renewal term. In June 2024, the committee determined to increase the long-term incentive program value for Mr. Zurbay from $4,000,000 to $4,550,000 for fiscal 2025. Mr. Zurbay’s employment agreement also provided for certain one-time incentive awards. On December 5, 2022, Mr. Zurbay was granted (1) a restricted stock unit award under the Omnibus Plan covering a number of shares of our common stock with a value of $1,150,000 based on the per-share closing price of our common stock on December 5, 2022, and (2) a non-statutory stock option under the Omnibus Plan with an approximate value of $1,150,000, a per-share exercise price equal to the per-share closing price of our common stock on December 5, 2022, and a term of ten years. Such awards will vest, assuming continued employment, to the extent of 33.33% of the award on the first anniversary of the date of grant, 33.33% of the award on the second anniversary of the date of grant, and the remaining 33.34% of the award on the third anniversary of the date of grant. If, during the initial term of Mr. Zurbay’s employment as our President and Chief Executive Officer or any renewal term, we terminate Mr. Zurbay without cause, Mr. Zurbay would be entitled to severance benefits including 24 months of base salary, cash incentive compensation equal to an average of the last three years of actual MICP incentives, proration of the current year MICP incentive based on actual performance, and 18 months of COBRA. With a change in control, such severance benefits would include 36 months of base salary, cash incentive compensation equal to his then current target MICP incentive, proration of the current year MICP incentive based on target performance, and 18 months of COBRA. Mr. Zurbay has also agreed to certain nondisclosure and non-disparagement provisions during the initial term and any time thereafter, and certain non-competition and non-solicitation provisions during the initial term and for three years thereafter
 






anonymous said:
Directly from DEF 14A filing 8-2-2024. You get Delta Dental, reduced mileage, and a tidy pay cut because you know, headwinds. Conversely, I'll be taking a 14% raise while missing 3 quarters in a row..

In October 2022, we entered into an employment agreement with Mr. Zurbay. Under the terms of the agreement, Mr. Zurbay’s initial term of employment as our President and Chief Executive Officer will continue until October 11, 2025, at which time, unless notice to the contrary has been provided, the term will renew for successive 12-month periods. The agreement provides for an annual base salary of at least $900,000 as well as participation in our other employee benefit plans and reimbursement for business expenses. Mr. Zurbay also is eligible to earn annual cash incentive compensation, which is payable if a threshold level of performance is achieved, pursuant to our MICP. If performance at target under the MICP is achieved, Mr. Zurbay’s annual cash incentive compensation would be at least $1,125,000 for any full year of employment. In addition, Mr. Zurbay is eligible to receive annual long-term equity-based incentive compensation pursuant to our Omnibus Plan, or any successor plan thereto, which awards currently consist of 50% performance stock units and 50% restricted stock units, with an aggregate target value of at least $3,500,000 for any full year of employment. Mr. Zurbay’s base salary, annual cash incentive compensation, and annual long-term equity-based incentive compensation will be reviewed on an annual basis and may be increased by the Board during the initial term or any renewal term. In June 2024, the committee determined to increase the long-term incentive program value for Mr. Zurbay from $4,000,000 to $4,550,000 for fiscal 2025. Mr. Zurbay’s employment agreement also provided for certain one-time incentive awards. On December 5, 2022, Mr. Zurbay was granted (1) a restricted stock unit award under the Omnibus Plan covering a number of shares of our common stock with a value of $1,150,000 based on the per-share closing price of our common stock on December 5, 2022, and (2) a non-statutory stock option under the Omnibus Plan with an approximate value of $1,150,000, a per-share exercise price equal to the per-share closing price of our common stock on December 5, 2022, and a term of ten years. Such awards will vest, assuming continued employment, to the extent of 33.33% of the award on the first anniversary of the date of grant, 33.33% of the award on the second anniversary of the date of grant, and the remaining 33.34% of the award on the third anniversary of the date of grant. If, during the initial term of Mr. Zurbay’s employment as our President and Chief Executive Officer or any renewal term, we terminate Mr. Zurbay without cause, Mr. Zurbay would be entitled to severance benefits including 24 months of base salary, cash incentive compensation equal to an average of the last three years of actual MICP incentives, proration of the current year MICP incentive based on actual performance, and 18 months of COBRA. With a change in control, such severance benefits would include 36 months of base salary, cash incentive compensation equal to his then current target MICP incentive, proration of the current year MICP incentive based on target performance, and 18 months of COBRA. Mr. Zurbay has also agreed to certain nondisclosure and non-disparagement provisions during the initial term and any time thereafter, and certain non-competition and non-solicitation provisions during the initial term and for three years thereafter
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Donnie Z knows how to write himself an employment agreement. What a joke all this compensation for someone who sucks.
 






anonymous said:
Directly from DEF 14A filing 8-2-2024. You get Delta Dental, reduced mileage, and a tidy pay cut because you know, headwinds. Conversely, I'll be taking a 14% raise while missing 3 quarters in a row..

In October 2022, we entered into an employment agreement with Mr. Zurbay. Under the terms of the agreement, Mr. Zurbay’s initial term of employment as our President and Chief Executive Officer will continue until October 11, 2025, at which time, unless notice to the contrary has been provided, the term will renew for successive 12-month periods. The agreement provides for an annual base salary of at least $900,000 as well as participation in our other employee benefit plans and reimbursement for business expenses. Mr. Zurbay also is eligible to earn annual cash incentive compensation, which is payable if a threshold level of performance is achieved, pursuant to our MICP. If performance at target under the MICP is achieved, Mr. Zurbay’s annual cash incentive compensation would be at least $1,125,000 for any full year of employment. In addition, Mr. Zurbay is eligible to receive annual long-term equity-based incentive compensation pursuant to our Omnibus Plan, or any successor plan thereto, which awards currently consist of 50% performance stock units and 50% restricted stock units, with an aggregate target value of at least $3,500,000 for any full year of employment. Mr. Zurbay’s base salary, annual cash incentive compensation, and annual long-term equity-based incentive compensation will be reviewed on an annual basis and may be increased by the Board during the initial term or any renewal term. In June 2024, the committee determined to increase the long-term incentive program value for Mr. Zurbay from $4,000,000 to $4,550,000 for fiscal 2025. Mr. Zurbay’s employment agreement also provided for certain one-time incentive awards. On December 5, 2022, Mr. Zurbay was granted (1) a restricted stock unit award under the Omnibus Plan covering a number of shares of our common stock with a value of $1,150,000 based on the per-share closing price of our common stock on December 5, 2022, and (2) a non-statutory stock option under the Omnibus Plan with an approximate value of $1,150,000, a per-share exercise price equal to the per-share closing price of our common stock on December 5, 2022, and a term of ten years. Such awards will vest, assuming continued employment, to the extent of 33.33% of the award on the first anniversary of the date of grant, 33.33% of the award on the second anniversary of the date of grant, and the remaining 33.34% of the award on the third anniversary of the date of grant. If, during the initial term of Mr. Zurbay’s employment as our President and Chief Executive Officer or any renewal term, we terminate Mr. Zurbay without cause, Mr. Zurbay would be entitled to severance benefits including 24 months of base salary, cash incentive compensation equal to an average of the last three years of actual MICP incentives, proration of the current year MICP incentive based on actual performance, and 18 months of COBRA. With a change in control, such severance benefits would include 36 months of base salary, cash incentive compensation equal to his then current target MICP incentive, proration of the current year MICP incentive based on target performance, and 18 months of COBRA. Mr. Zurbay has also agreed to certain nondisclosure and non-disparagement provisions during the initial term and any time thereafter, and certain non-competition and non-solicitation provisions during the initial term and for three years thereafter
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This guy has overseen a massive decrease in the value of PDCO stock and the Board of Directors throws him the richest CEO contract in Patterson history? Paycuts, layoffs, and crappy support for the field while the C suite prints money for themselves. The Board has lost touch. How long till the shareholders revolt?
 






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