We have added the following information to the earlier item today on the roll call vote on the new chair of the California stem cell agency.
Absent last night were CIRM directors Leeza Gibbons, Eugene Washington, Marcy Feit and Sam Hawgood. Feit attended the meeting this morning and said she would have voted for Thomas. She said had planned to be available to vote from a teleconference location, but could not reach it because of a transportation hang-up.
Showing posts with label new chair. Show all posts
Showing posts with label new chair. Show all posts
Thursday, June 23, 2011
Roll Call on Election of New CIRM Chair
Here is the roll call on the 14-11 vote last night electing Jonathan Thomas as the new chair of the California stem cell agency. All members who were available voted. There were no abstentions.
Voting for Thomas were Floyd Bloom, Jacob Levin (alternate for Sue Bryant), Michael Friedman, Michael Goldberg, Philip Pizzo, Stephen Juelsgaard, Robert Klein, Sherry Lansing, Robert Quint, David Serrano Sewell, Jeff Sheehy, Jon Shestack, Oswald Stewart, Art Torres.
Voting for Frank Litvack: Robert Price (alternate for Robert Birgeneau), David Brenner, Ted Love, Bert Lubin, Sholmo Melmed, Claire Pomeroy, Francisco Prieto, Carmen Puliafito, Duane Roth, Joan Samuelson, Kristina Vuori
Absent were Leeza Gibbons, Eugene Washington, Marcy Feit and Sam Hawgood. Feit attended the meeting this morning and said she would have voted for Thomas. She said had planned to be available to vote from a teleconference location, but could not reach it because of a transportation hang-up.
Voting for Thomas were Floyd Bloom, Jacob Levin (alternate for Sue Bryant), Michael Friedman, Michael Goldberg, Philip Pizzo, Stephen Juelsgaard, Robert Klein, Sherry Lansing, Robert Quint, David Serrano Sewell, Jeff Sheehy, Jon Shestack, Oswald Stewart, Art Torres.
Voting for Frank Litvack: Robert Price (alternate for Robert Birgeneau), David Brenner, Ted Love, Bert Lubin, Sholmo Melmed, Claire Pomeroy, Francisco Prieto, Carmen Puliafito, Duane Roth, Joan Samuelson, Kristina Vuori
Absent were Leeza Gibbons, Eugene Washington, Marcy Feit and Sam Hawgood. Feit attended the meeting this morning and said she would have voted for Thomas. She said had planned to be available to vote from a teleconference location, but could not reach it because of a transportation hang-up.
Thomas Reacts to Vote News
Race for the Chair: Political and Financial Pressure Help Thomas Win CIRM Chairmanship
SAN DIEGO, Ca. –- Directors of the $3 billion California stem cell agency late yesterday evening elected Los Angeles bond financier Jonathan Thomas as chairman of the unprecedented research enterprise as it strives to fulfill seven-year-old campaign promises to turn stem cells into cures.
The board voted 14-11 to choose Thomas over Frank Litvack, a cardiologist/businessman, also from Los Angeles. The vote came with no debate following a three-hour closed session. Each candidate appeared separately in private, followed by a discussion among board members, also in private. Only one member of the public spoke out on the election during the public portion of tonight's meeting, during which each candidate read a statement.
The California Stem Cell Report was told that Gov. Jerry Brown's office called six members of the CIRM board during the past two days and managed to switch some members from Litvack to Thomas. The governor's office did not respond to queries about the matter.
Outgoing Chairman Robert Klein said the key factor in the vote was the state's current financial crisis and its possible negative impact on CIRM, which depends solely on state bonds for cash. Earlier Thomas sounded an alarm about CIRM finances, telling directors it was necessary to move to assure financial stability. CIRM faces both short and long term financing problems. Thomas could be the last chairman of CIRM unless he and the board devise a way to finance it beyond 2018, roughly the date when the agency runs out of money. (For more on Thomas' remarks, see here.)
Klein told the California Stem Cell Report that Thomas would be paid something in the range of $390,000 to $395,000 annually for 80 percent time on the job. (The agency later said the correct figure is $400,008.)
Thomas is chairman and co-founder of Saybrook Capital of Santa Monica, Ca. The firm specializes in distressed government bonds. The current state budget crisis in California has left the state with the worst bond rankings of any state in the nation. State Treasurer Bill Lockyer, who controls the sale of state bonds, and the governor and lieutenant governor all nominated Thomas.
On Monday Lockyer sent a strong letter to his five appointees to the CIRM board urging them to vote for Thomas. He said the bond financier was the only candidate with a "complete toolkit" for the job. Lockyer stressed Thomas' background in bond financing.
Unless CIRM receives funds from a fresh bond sale, it will run out of cash in the middle of next year. However, the state is limiting its bond sales because of its budget crisis. CIRM will face tough competition to have its bonds placed in the two sales rounds expected to come up in the next 12 months. .
Some observers interpreted Lockyer's letter as a veiled warning to the entire 29-member board to approve Thomas, with the letter implicitly raising the possibility that the agency could come up short in the next bond rounds.
Longer term, CIRM has only about $1.4 billion or so to hand out for grants or loans. Klein has touted a $3 billion to $5 billion bond measure that would be presented to voters sometime during the next few years. To win support of the proposal, the agency will need a record of substantial accomplishment that resonates with the public.
Litvack also had a blue-ribbon business resume along with a record of scientific accomplishment. One description calls him a "serial entrepreneur." He was CEO of Conor MedSystems of Menlo Park, Ca., when it was sold a few years go to Johnson & Johnson for $1.4 billion. More recently he has been involved with Pervasis Pharmaceuticals and Capricor, Inc.
Litvack touted his scientific and business experience in developing new products and running the FDA gauntlet. State Controller John Chiang, who recently gained national attention for cutting off the pay of California legislators because they failed to pass a balanced budget, nominated Litvack. Chiang said,
The board voted 14-11 to choose Thomas over Frank Litvack, a cardiologist/businessman, also from Los Angeles. The vote came with no debate following a three-hour closed session. Each candidate appeared separately in private, followed by a discussion among board members, also in private. Only one member of the public spoke out on the election during the public portion of tonight's meeting, during which each candidate read a statement.
The California Stem Cell Report was told that Gov. Jerry Brown's office called six members of the CIRM board during the past two days and managed to switch some members from Litvack to Thomas. The governor's office did not respond to queries about the matter.
Outgoing Chairman Robert Klein said the key factor in the vote was the state's current financial crisis and its possible negative impact on CIRM, which depends solely on state bonds for cash. Earlier Thomas sounded an alarm about CIRM finances, telling directors it was necessary to move to assure financial stability. CIRM faces both short and long term financing problems. Thomas could be the last chairman of CIRM unless he and the board devise a way to finance it beyond 2018, roughly the date when the agency runs out of money. (For more on Thomas' remarks, see here.)
Klein told the California Stem Cell Report that Thomas would be paid something in the range of $390,000 to $395,000 annually for 80 percent time on the job. (The agency later said the correct figure is $400,008.)
Thomas is chairman and co-founder of Saybrook Capital of Santa Monica, Ca. The firm specializes in distressed government bonds. The current state budget crisis in California has left the state with the worst bond rankings of any state in the nation. State Treasurer Bill Lockyer, who controls the sale of state bonds, and the governor and lieutenant governor all nominated Thomas.
On Monday Lockyer sent a strong letter to his five appointees to the CIRM board urging them to vote for Thomas. He said the bond financier was the only candidate with a "complete toolkit" for the job. Lockyer stressed Thomas' background in bond financing.
Unless CIRM receives funds from a fresh bond sale, it will run out of cash in the middle of next year. However, the state is limiting its bond sales because of its budget crisis. CIRM will face tough competition to have its bonds placed in the two sales rounds expected to come up in the next 12 months. .
Some observers interpreted Lockyer's letter as a veiled warning to the entire 29-member board to approve Thomas, with the letter implicitly raising the possibility that the agency could come up short in the next bond rounds.
Longer term, CIRM has only about $1.4 billion or so to hand out for grants or loans. Klein has touted a $3 billion to $5 billion bond measure that would be presented to voters sometime during the next few years. To win support of the proposal, the agency will need a record of substantial accomplishment that resonates with the public.
During Thomas' six-year term, the agency will also have increasing responsibilities for monitoring its massive and growing grant portfolio. The task will become more challenging with larger and more complex grants and loans that have achievement benchmarks that must be met. If not, CIRM is supposed to withdraw its cash. At the same time, the agency continues to wrestle with its computerized grant management system.
To accomplish its goals, CIRM is working ever more closely with the biotech industry. Some industry executives have been dismayed at the tiny fraction of funding that has gone to businesses. A blue-ribbon review panel last fall cited the need to bolster funding for industry. At the same time, the taxpayer-funded agency must assure that the state receives full value for its dollar.
Litvack also had a blue-ribbon business resume along with a record of scientific accomplishment. One description calls him a "serial entrepreneur." He was CEO of Conor MedSystems of Menlo Park, Ca., when it was sold a few years go to Johnson & Johnson for $1.4 billion. More recently he has been involved with Pervasis Pharmaceuticals and Capricor, Inc.
Litvack touted his scientific and business experience in developing new products and running the FDA gauntlet. State Controller John Chiang, who recently gained national attention for cutting off the pay of California legislators because they failed to pass a balanced budget, nominated Litvack. Chiang said,
"Litvack knows from personal experience what it takes to develop new medical technologies and move them through the regulatory process to adoption in the market place."
Wednesday, June 22, 2011
Thomas Elected New Chairman of CIRM
Jon Thomas was elected chairman of CIRM on a 14-11 vote. More to come.
CIRM Directors Still Mulling Chair Selection Privately
The two candidates for the chairmanship of the California stem cell agency appeared separately and in private before the organization's directors tonight. Their appearances have concluded. Directors have now been huddled behind closed doors for about two hours. The staff and and the two candidates are all gathered in the public meeting room, chatting in small groups..
Thomas Stresses His Bond Expertise, Cites State's Dicey Financial Condition
Jonathan Thomas, a candidate for chair of the $3 billion California stem cell agency, tonight hammered away at the value of his bond financing experience and what it could bring to the survival of the research enterprise.
Speaking to the CIRM board, Thomas, a Los Angeles bond financier, hit on many of the themes sounded by state Treasurer Bill Lockyer in his letter on Monday. Lockyer nominated Thomas for the post. In his letter, he said Thomas was the only candidate who had a "complete toolkit" for the job.
In his comments, Thomas repeatedly said he had "all" the qualifications for the job. Lockyer, in fact, underlined all in his letter when he referred to Thomas' qualifications..
Thomas spoke candidly about CIRM's financial condition. He asked whether CIRM will have funds available after 2017, a reference to CIRM projections that its $3 billion will run out about then. Thomas said the state is in a "full out fiscal crisis." As a result, a "real possibility" exists that CIRM will not have "timely access to the funds it needs." He said the the agency may have to look to other sources of funding.
"Let's not kid ourselves. This problem could last for a long time," Thomas said.
The board has not heard that sort of candid public comment about its finances recently, although the warning signs have been there for some time.
Thomas also addressed the dual executive issue. He said the CIRM chairman and president should have complementary positions -- not overlapping. He said he spoke with CIRM President Alan Trounson on Sunday and would expect to have a complementary, highly collaborative arrangement with him.
Thomas brought up the statement by Frank Litvack, the other candidate for chair, that he would serve in a parttime role. Thomas said the position demands more time than that offered by Litvack.
We have asked Thomas for a copy of his remarks. He said his only copy was marked up and said he would provide one tomorrow.
Text of Litvack's Statement to CIRM Board June 22, 2011
Here is the text of Frank Litvack's remarks this afternoon to the directors of the California stem cell agency. Litvack is a candidate for chair of the agency.
Litvack statement to CIRM board June 22, 2011
Litvack statement to CIRM board June 22, 2011
Race for the Chair: Litvack Discusses "Black Box" of Bond Financing
SAN DIEGO, Ca. – Los Angeles cardiologist and businessman Frank Litvack tonight made a final pitch to directors of the California stem cell agency to become the next chairman of the $3 billion research effort.
In remarks prepared for delivery, Litvack stressed his business experience during which he said he raised hundreds of millions of dollars. He noted that his enterprises were all high risk ventures and were not "back-stopped by the faith and credit of the state of California," a reference to the state bond funding behind CIRM.
He also reviewed his work in developing new products and his dealings with the federal agencies that regulate them.
Litvack reiterated much of what he has told the board previously, including his commitment to serve as more of an oversight chairman rather the engaging in day-to-day management. Prop. 71, which created the stem cell effort, set up a much-criticized dual executive arrangement with overlapping responsibilities for the chairman and president.
Litvack also addressed the "black box" issues raised by state Treasurer Bill Lockyer and others concerning the need for bond financing experience. (See here and here.)
Litvack said,
In remarks prepared for delivery, Litvack stressed his business experience during which he said he raised hundreds of millions of dollars. He noted that his enterprises were all high risk ventures and were not "back-stopped by the faith and credit of the state of California," a reference to the state bond funding behind CIRM.
He also reviewed his work in developing new products and his dealings with the federal agencies that regulate them.
Litvack reiterated much of what he has told the board previously, including his commitment to serve as more of an oversight chairman rather the engaging in day-to-day management. Prop. 71, which created the stem cell effort, set up a much-criticized dual executive arrangement with overlapping responsibilities for the chairman and president.
Litvack also addressed the "black box" issues raised by state Treasurer Bill Lockyer and others concerning the need for bond financing experience. (See here and here.)
Litvack said,
"In the spectrum of financial instruments, state bonds are not considered complicated. In fact, they are among the most simple."He reviewed the current state financial situation and how state bonds work. Come next spring, Litvack said,
"Should the unthinkable happen, as it occasionally does, and there is no (state) budget by next year, then CIRM will need to assume the mentality of a start-up venture and get creative....One might consider a private placement (of bonds) if permitted. As with any form of financing, it is not the mechanics that is rate-limiting. Rather it is the ability to clearly articulate the vision to the prospective investors."Other new proposals surfacing in Litvack's remarks included:
- CIRM-sponsored meetings between venture capitalists and promising stem cell companies to help generate much-needed funding for the businesses.
- Possibly selling industrial development bonds, which are aimed at building businesses in a particular region, to help finance clinical trials.
CIRM Directors Start Chair Election Meeting
SAN DIEGO -- Directors of the California stem cell agency began their meeting this afternoon with a discussion of a $47 million extension of a training program. The meeting is well-attended by board members but probably has less than 10 members of the public in attendance. I chatted briefly with Jonathan Thomas, a candidate for the position of chair, briefly prior to the beginning of the meeting. He said the California Stem Cell Report has not reported his position accurately concerning the responsibilities of the chair and the president. We have described the structure as a dual executive with overlapping responsibilities for the chair and president and said that Thomas supports that sort of arrangement. We did not have time to cover the subject properly before the start of the meeting. Thomas said he will address the structure in his presentation to the board later this afternoon or evening.
Race for the Chair: Blowback, Politics and CIRM Financing
A strongly worded letter from California state treasurer Bill Lockyer concerning this week's election of a new chairman of the state's $3 billion stem cell agency could be triggering a bit of blowback for the candidate backed by Lockyer.
The letter advised all five of Lockyer's appointees that he is a vigorous supporter of Jonathan Thomas, a Los Angeles bond financier who was nominated for the chairmanship by Lockyer, the governor and lieutenant governor, all Democrats. The only other candidate is Frank Litvack, a Los Angeles cardiologist and businessman, who was nominated by the state controller, also a Democrat. The 29-member CIRM board meets late this afternoon in San Diego to choose between Litvack and Thomas.
Lockyer's preferences carry more than normal weight for the entire CIRM board because he is the gatekeeper on the sale of state bonds, the only real source of cash for CIRM. Lockyer becomes even more important since the agency will need a fresh dose of funding by next spring. The state plans to limit its bond sales during the next 12 months because of its ongoing financial crisis. CIRM is likely to face stiff competition for being placed in the bond rounds when they do occur.
Lockyer's letter disturbed or angered some CIRM board members, based on what the California Stem Cell Report has learned from a variety of sources. But none of the five Lockyer appointees responded to queries.
Political inteference – and nasty at that – was one reaction. Is Lockyer trying to tell the board that CIRM financing would be endangered if his candidate is not approved, wondered another board member.
One thought Klein engineered the letter. However, Klein and Lockyer are not on the best of terms, we understand. Another thought CIRM co-vice chair Art Torres, who is close to Lockyer, could have had a hand in it. Our own speculation is that Lockyer, like any successful politician, wants to see his candidate win and is willing to do what he thinks it takes to produce a victory. Other factors as well could have entered into it.
While the letter has triggered strong negative reaction, it is not clear whether it has changed the positions of fence-sitters. It could have a reverse effect for Lockyer, given the reaction of some board members in the past to other efforts at what they regard as outside intrusions into CIRM affairs.
Rumblings persist that CIRM Chairman Robert Klein, a real estate investment banker, continues to work on behalf of Thomas. However, CIRM's outside counsel, James Harrison, has strongly denied that on behalf of the outgoing chairman. Klein, however, is reportedly once again talking about the private placement of CIRM bonds and the need to have a chairman who could do that.
One board member reflected on Klein's unsuccessful attempt last fall to engineer the selection of his own successor. The pitch then was "science science science." The CIRM director said,
One question arose about the public nature of Lockyer's letter with more than one board member saying the treasurer could have delivered the same message to his appointees privately with a phone call, letter or email. Copies of the letters were emailed Monday to the California Stem Cell Report by the treasurer's office. We have a standing request into the treasurer's office and others for any information regarding the chair election.
As for the politics in the matter, Thomas is reportedly being backed by by former California state Treasurer Kathleen Brown, who is now chair of investment banking for the Midwest for Goldman Sachs. She is also sister of California Gov. Jerry Brown and a personal friend of the candidate. The governor nominated Thomas for the post in a terse, 56-word letter. Thomas also reportedly has the support of Congressman Howard Berman, a longtime West Los Angeles Democratic politician.
Klein, who controls the CIRM board agenda, has allotted only 30 minutes for public presentations and public comments by the candidates beginning about 5 p.m. tomorrow. Then comes an executive session, allotted about 60 minutes, after which the formal public vote would be swiftly taken. The CIRM board agendas are always full, but the one for the meeting this week is especially jammed with major items. Several board members are not pleased with the tight schedule and wonder whether it is part of an effort by Klein to limit discussion and ensure favorable action on Thomas.
The letter advised all five of Lockyer's appointees that he is a vigorous supporter of Jonathan Thomas, a Los Angeles bond financier who was nominated for the chairmanship by Lockyer, the governor and lieutenant governor, all Democrats. The only other candidate is Frank Litvack, a Los Angeles cardiologist and businessman, who was nominated by the state controller, also a Democrat. The 29-member CIRM board meets late this afternoon in San Diego to choose between Litvack and Thomas.
Lockyer's preferences carry more than normal weight for the entire CIRM board because he is the gatekeeper on the sale of state bonds, the only real source of cash for CIRM. Lockyer becomes even more important since the agency will need a fresh dose of funding by next spring. The state plans to limit its bond sales during the next 12 months because of its ongoing financial crisis. CIRM is likely to face stiff competition for being placed in the bond rounds when they do occur.
Lockyer's letter disturbed or angered some CIRM board members, based on what the California Stem Cell Report has learned from a variety of sources. But none of the five Lockyer appointees responded to queries.
Political inteference – and nasty at that – was one reaction. Is Lockyer trying to tell the board that CIRM financing would be endangered if his candidate is not approved, wondered another board member.
One thought Klein engineered the letter. However, Klein and Lockyer are not on the best of terms, we understand. Another thought CIRM co-vice chair Art Torres, who is close to Lockyer, could have had a hand in it. Our own speculation is that Lockyer, like any successful politician, wants to see his candidate win and is willing to do what he thinks it takes to produce a victory. Other factors as well could have entered into it.
While the letter has triggered strong negative reaction, it is not clear whether it has changed the positions of fence-sitters. It could have a reverse effect for Lockyer, given the reaction of some board members in the past to other efforts at what they regard as outside intrusions into CIRM affairs.
Rumblings persist that CIRM Chairman Robert Klein, a real estate investment banker, continues to work on behalf of Thomas. However, CIRM's outside counsel, James Harrison, has strongly denied that on behalf of the outgoing chairman. Klein, however, is reportedly once again talking about the private placement of CIRM bonds and the need to have a chairman who could do that.
One board member reflected on Klein's unsuccessful attempt last fall to engineer the selection of his own successor. The pitch then was "science science science." The CIRM director said,
"Now it is bonds bonds bonds, legal legal legal. Full time is the only way possible and paid paid paid, and the only way CIRM can be governed is as it was written in the gospel of Prop. 71."The reference to fulltime and paid is to Thomas' reported desire for a salary in the range of $400,000-plus, working at 80 percent or more time. Litvack says he would work parttime for a salary around $137,000. Another separation point on the men is Thomas' apparent support for continuing the much-criticized dual executive arrangement at CIRM while Litvack has indicated he sees the chairmanship as much more of an oversight function. Of the two, Litvack has a stronger scientific background while Thomas has more experience in bond financing.
One question arose about the public nature of Lockyer's letter with more than one board member saying the treasurer could have delivered the same message to his appointees privately with a phone call, letter or email. Copies of the letters were emailed Monday to the California Stem Cell Report by the treasurer's office. We have a standing request into the treasurer's office and others for any information regarding the chair election.
As for the politics in the matter, Thomas is reportedly being backed by by former California state Treasurer Kathleen Brown, who is now chair of investment banking for the Midwest for Goldman Sachs. She is also sister of California Gov. Jerry Brown and a personal friend of the candidate. The governor nominated Thomas for the post in a terse, 56-word letter. Thomas also reportedly has the support of Congressman Howard Berman, a longtime West Los Angeles Democratic politician.
Klein, who controls the CIRM board agenda, has allotted only 30 minutes for public presentations and public comments by the candidates beginning about 5 p.m. tomorrow. Then comes an executive session, allotted about 60 minutes, after which the formal public vote would be swiftly taken. The CIRM board agendas are always full, but the one for the meeting this week is especially jammed with major items. Several board members are not pleased with the tight schedule and wonder whether it is part of an effort by Klein to limit discussion and ensure favorable action on Thomas.
Tuesday, June 21, 2011
Election Night Coverage Planned for CIRM Chair Balloting
The California Stem Cell Report will provide live coverage tomorrow and Thursday of the election of a new chairman for the $3 billion California stem cell agency. The election is scheduled for Wednesday evening with the two candidates to make presentations about 5 p.m., but that could change. The public can tune into the discussions via the Internet. Directions for the link can be found on the meeting agenda. Public teleconference locations can be found in Pleasanton and Los Angeles. Specific addresses are on the agenda. The teleconference locations can be used by the public to make comments to the board. The Internet audiocast is listen only.
Friday, June 17, 2011
Race for the Chair: A Reading List on Selection of a New Chairman of the $3 Billion California Stem Cell Agency
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| Jonathan Thomas (left) and Frank Litvack |
Criteria for the chairmanship
Trounson's Criteria for New CIRM Chairman
CIRM President Alan Trounson has offered in writing his thoughts on the qualities that should be reflected in a person who may succeed Robert Klein as chairman of the $3 billion stem cell research effort next December.
March 4, 2011 -- Outgoing Chair Robert Klein's lengthy memo on the role of the chair.
March 10, 2011
CIRM Directors Move to Alter Role of Chair of $3 Billion Stem Cell Program
Directors of the California stem cell agency, in sharply divided moves, today said that its next chairman should serve in a part-time capacity in largely an oversight role.
Candidate Statements
The June 5 and June 6 items below carry verbatim statements from the two candidates that can only be found on the California Stem Cell Report.June 5, 2011
Litvack Envisions Oversight Role for CIRM Chair, Shoring Up 'Messaging' and Industry Ties
Los Angeles cardiologist/businessman Frank Litvack, a candidate for chair of the $3 billion California stem cell agency, says he regards the job as part-time and says that the chair should not be involved in day-to-day management.
June 6, 2011
The CIRM Chair Race: Candidate Thomas Touts His Public Finance Experience
In his first appearance before directors of the $3 billion California stem cell agency, bond financier Jonathan Thomas, a candidate for the chairmanship of the agency, stressed his professional background as an investment banker and attorney and his service on government boards.
June 2, 2011
The Candidate's Letters: What Thomas and Litvack Have to Say
Here is a brief look at the letters of interest submitted to the board of the $3 billion California stem cell agency by two men in pursuit of a six-year appointment as its new chairman. First the item on Jonathan Thomas, then Frank Litvack. CIRM directors begin evaluating the men on Monday.
News Coverage of the Nomination Process
May 24, 2011
Nature Says CIRM Faces 'Stark Choice" in New Chairman
Nature magazine today weighed in with its story on the nominations for the new chairman of the $3 billion California stem cell agency.
Minimal News Coverage on CIRM Chair Nominees
The latest news coverage of selection of a new leader for California's $3 billion stem cell agency is meager, to say the least.
May 23, 2011
Litvack vs. Thomas for Chair of the $3 Billion Stem Cell Agency
California State Controller John Chiang today nominated Frank Litvack, a "serial entrepreneur" and cardiologist, to become the new chairman of the $3 billion California stem cell agency.
Southern California Investor Nominated for Chair of the State's Stem Cell Agency
California Gov. Jerry Brown and the state's treasurer, Bill Lockyer, today nominated the head of a Southern California bond investment firm, Jonathan Thomas, as a candidate to become the new chairman of the $3 billion California stem cell agency.
May 18, 2011
Southern California Investor Identified as Possible Candidate for CIRM Chair
Robert Klein, chairman of the $3 billion California Institute for Regenerative Medicine, is backing the head of a Southern California investment firm to succeed him at the helm of CIRM as it pushes aggressively to bring stem cell therapies into the marketplace, according to a reliable source. However, James Harrison, outside counsel to the CIRM board, flatly denied that Klein has endorsed any candidate.
May 19, 2011
Cardiologist/Entrepreneur Eyed for Stem Cell Agency Chair
A Los Angeles cardiologist who is also described as a "serial entrepreneuer" is under consideration as a possible candidate for chairman of the $3 billion California stem cell agency.
June 20, 2011
State Treasurer Boosts Chair Candidate with Strong Letter of Support
California State Treasurer Bill Lockyer today urged his five appointees to the board of the $3 billion state stem cell agency to vote this week for a Los Angeles bond investor as the new chairman of the research enterprise.
June 22, 2011
Race for the Chair: Blowback, Politics and CIRM Financing
A strongly worded letter from California state treasurer Bill Lockyer concerning this week's election of a new chairman of the state's $3 billion stem cell agency could be triggering a bit of blowback for the candidate backed by Lockyer.
Endorsements
May 31, 2011
Litvack Picks Up Public Support for Bid to Become Chair of Stem Cell Agency
The Consumer Watchdog organization today endorsed a Los Angeles cardiologist as the new chairman of the $3 billion California stem cell agency, declaring that it is time to "correct the agency's dysfunctional management structure."
Endorsement letter from the president of the Genetics Policy Institute supporting Litvack
CIRM executive structure
June 12, 2011
CIRM Directors Tackle Touchy Management Issues
Key leaders of the California stem cell agency have scheduled a 60-minute meeting tomorrow to decide long-standing, thorny matters at the $3 billion enterprise, ranging from the province of the new chairman and the current president to just exactly who is a senior officer of CIRM.
June 14, 2011, CIRM memo summarizing changes in management structure
June 14, 2011, text of new management structure/internal governance policy
Chair Salary
April 2, 2011
Sacramento Bee Whacks Pay Plan for New CIRM Chair
In case you missed it, The Sacramento Bee editorialized last week about the $3 billion California stem cell agency, deploring its much-criticized, dual-CEO structure and the possibility of a $400,000 salary for a new, part-time chairman.
March 24, 2011
Papering over the Pay Problem at CIRM: When is a $400,000 Salary Not $400,000?
Three top leaders of the California stem cell agency have come up with a plan that they hope will allow CIRM to avoid the wrath of the public when its new chairman is paid a salary that could be seven times the income of an entire, typical California household.
2010 attempt to find a new chair
Dec. 13, 2010, letter from state Controller John Chiang, who said the process was "fundamentally flawed."
Dec. 15, 2010
Klein Given New, Six-Month Term as Chairman; Board to Examine Criteria for Replacement
Directors of the California stem cell agency today re-elected Robert Klein as chairman of the $3 billion enterprise, culminating a weeks-long flap that included closed-door dealings, allegations of “sleazy” conduct and dubious, last minute financial warnings about CIRM's financial condition.
Dec. 16, 2010
Nature Magazine Says Bernstein Is Still A Possibility for CIRM Chair
Canadian scientist Alan Bernstein is not necessarily off the table as a candidate to become the next chairman of the $3 billion California stem cell agency, Nature magazine's Web site is reporting today.
Dec. 5, 2010
The Biopolitical Times Recounts the "Sordid" Saga at CIRM
The Center for Genetics and Society, which has not written much recently about the California stem cell agency, has posted its perspective on the latest events involving the election of a new chair at the $3 billion enterprise.
Dec. 6, 2010
Read This Item to See What CIRM Has Expunged From Its Web Site
With one day left before Wednesday's meeting of the directors of the California stem cell agency, the public can find much to mull over by reviewing the agenda for the session. But no one will find anything on three matters that have been expunged from CIRM's Web site. They deal with the less than artful attempt by CIRM Chairman Robert Klein to engineer the selection of his successor.
Dec. 5, 2010
Klein's Maneuvers, CIRM's Reputation and Bernstein's
A Canadian scientist yesterday pretty much identified a bottom line on the attempt by CIRM Chairman Robert Klein to hand pick his successor at the $3 billion public research agency. In an interview with the Toronto Globe and Mail, Alan Bernstein said the publicity about the machinations “compromises his international reputation and the reputation of the [California] agency.”
Wednesday, June 08, 2011
The Race for the Chair: Weaning CIRM From Government Support
Cardiologist Frank Litvack, a candidate for chair of the $3 billion California stem cell agency, has suggested that CIRM seriously consider how it could fund its research without relying on the state of California.
In his second statement to CIRM directors, Litvack, who also has a long career in business, on Monday covered much of the same ground that he did last week. But he was more specific when it came to what on Friday he called "evergreening" CIRM. Litvack said,
Here is the full text of Litvack's remarks on Monday.Remarks by Frank Litvack to CIRM Evaluation Subcommittee June 6, 2011
In his second statement to CIRM directors, Litvack, who also has a long career in business, on Monday covered much of the same ground that he did last week. But he was more specific when it came to what on Friday he called "evergreening" CIRM. Litvack said,
"Further thought should be given to the concept of getting CIRM to be partially or wholly self-funded in the future. One such method might be getting upside participation in the financial success of its grantees. Recently the federal government was quite successful in this regard during the banking, insurance and auto bailouts. I realize that each of these topics is replete with opinions as well as with controversy. Nonetheless, they need to be further explored and developed."Taking CIRM or any government agency department private may seem a bit of a reach to some. However, CIRM is one the few state departments that has the legal ability to create a nonprofit organization. Such an organization could serve as springboard for weaning CIRM off government financing. Of course, the tough part is raising the money.
Here is the full text of Litvack's remarks on Monday.Remarks by Frank Litvack to CIRM Evaluation Subcommittee June 6, 2011
Monday, June 06, 2011
The CIRM Chair Race: Candidate Thomas Touts His Public Finance Experience
In his first appearance before directors of the $3 billion California stem cell agency, bond financier Jonathan Thomas, a candidate for the chairmanship of the agency, stressed his professional background as an investment banker and attorney and his service on government boards.
Thomas sidestepped the issue of whether he was an advocate of the controversial dual executive arrangement at CIRM. The overlapping roles of the chair and president have been sharply criticized by the state's top fiscal officer, John Chiang, and the state's good government agency, the Little Hoover Commission.
In a statement to the directors' Evaluation Subcommittee on Friday, Thomas did not directly mention the dual executive situation. But in a comment referring to the other candidate for chair, Frank Litvack, Thomas said,
Thomas elaborated on his connections with Advanced Cell Technology of Santa Monica, Ca., one of two companies in the United States with an hESC product in a clinical trial.
He said,
Thomas stressed his background in public finance, which he said is "an esoteric corner of the finance industry, different in many important and nuanced respects from finance in the corporate sector." He said he has served as an adviser to government bodies and served on the Los Angeles Harbor Commission and the Alameda Corridor Transportation Authority, both for seven years.
Thomas said,
Remarks by Jonathan Thomas to CIRM Evaluation Subcommittee 6-3-11
Thomas sidestepped the issue of whether he was an advocate of the controversial dual executive arrangement at CIRM. The overlapping roles of the chair and president have been sharply criticized by the state's top fiscal officer, John Chiang, and the state's good government agency, the Little Hoover Commission.
In a statement to the directors' Evaluation Subcommittee on Friday, Thomas did not directly mention the dual executive situation. But in a comment referring to the other candidate for chair, Frank Litvack, Thomas said,
"Though some have sought to label us as favoring 'oversight' on the one hand versus 'hands-on' on the other, I believe that both of us would in fact look to exercise oversight and, in addition, to exercise all of the numerous statutory responsibilities set forth in the language of Proposition 71. The big question here isn’t about labels…it’s about who is best prepared to carry out these combined efforts."Thomas is chairman of Saybrook Capital of Santa Monica, an investment firm specializing in distressed government bonds. CIRM's only real source of cash is California state bonds, rated the lowest in the nation.
Thomas elaborated on his connections with Advanced Cell Technology of Santa Monica, Ca., one of two companies in the United States with an hESC product in a clinical trial.
He said,
"As I proceeded through my career in law and finance, I took particular interest in stem cell research and looked for a company to work with in that arena. In 2000, I began tracking Advanced Cell Technology (or “ACT”), a then fledgling-company pursuing therapeutic products from embryonic stem cell research. After extensive review of their intellectual property portfolio and lengthy due diligence, I led an early round financing to cover the Company’s operating expenses. I have tracked ACT over the years and am familiar through it with the ups and downs typical of the biotechnology industry. Now, 11 years later, ACT has two of the three products derived from embryonic stem cell research currently in clinical trials. It will be interesting to see how things play out."Thomas reiterated that he would divest his current holdings in the company, which has applied several times for CIRM funding but has never won a grant.
Thomas stressed his background in public finance, which he said is "an esoteric corner of the finance industry, different in many important and nuanced respects from finance in the corporate sector." He said he has served as an adviser to government bodies and served on the Los Angeles Harbor Commission and the Alameda Corridor Transportation Authority, both for seven years.
Thomas said,
"I am keenly aware of the State’s financial difficulties. If problems arise with getting allocations from the Department of Finance for enough bonds to meet the Agency’s cash flow needs, I am very familiar with the ins and outs of private placements as an alternative funding source and know all the individuals and institutions to make that happen.Responding to a request by the California Stem Cell Report, Thomas today provided the following copy of his remarks. He said our email request last week had been sidetracked by a spam filter into a spam folder.
"I have been through many bond elections. Should the Agency decide to pursue a second general obligation bond measure, I will be fully prepared to help lead that effort."
Remarks by Jonathan Thomas to CIRM Evaluation Subcommittee 6-3-11
Sunday, June 05, 2011
Litvack Envisions Oversight Role for CIRM Chair, Shoring Up 'Messaging' and Industry Ties
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| Frank Litvack |
His comments (see the full text below) were made Friday to the CIRM directors' Evaluation Subcommittee. Litvack said,
"My belief is that the chairman’s role is best accomplished by a leader on a part-‐time basis. An organization that has two chief executives carries with it the intrinsic potential for serious challenges."By law (Prop. 71), CIRM has a dual executive arrangement with overlapping responsibilities for the chairman and the president. The arrangement has stirred controversy and criticism and has led to public disputes between the two executives in the past.
Litvack made the text of his remarks available at the request of the California Stem Cell Report. Jonathan Thomas, a Los Angeles bond financier and the other candidate for CIRM chair, did not respond to an identical request. (Thomas later said the request had been diverted by his email spam filter and sent the text on June 6. It can be found here.) CIRM directors will vote later this month on the two men.
Thomas reportedly favors continuation of the current dual executive structure and is more inclined towards a fulltime role, along with a larger salary. The CIRM board earlier this spring identified a range of $137,500 to $400,000 annually for the job with no more than an 80 percent commitment.
Litvack said,
"The role of the president is daily management. He or she must be free to pursue this role without encumbrance. The function of chairman, on the other hand, is not day to day management, rather it is to articulate the vision of the organization and represent the organization to outside parties."Litvack also said CIRM's most strategic imperative is "to get new products into the clinic."
He sketched out several initiatives for CIRM, including a "core expertise in pre-clinical and regulatory affairs." Litvack said,
"It (the agency) may consider developing a publicly available repository of expertise and data so as to assure that each new IND applicant is not reinventing the wheel and wasting precious time and money. Stepped up collaboaration with other organizations devoted to the promotion of innovation and translation including the passionate and commited disease advocate community, the clinical researchers as well as with FDA and other regulatory agencies would be of strategic and tactical value. CIRM leadership must take a pivotal role in facilitating the interactions of therapy innovators with the FDA. While CIRM will always stand for safety, however, when it comes to critical and life- threatening illnesses, patients should have a more active role in their therapeutic options."Litvack also discussed the need to "shore up" CIRM's "messaging" and its relationship with industry. He said, "
The public is waiting to hear what is being done with their money. Patients are waiting to hear when exactly it is that science will deliver what they have been waiting for."As for industry, which has been unhappy with its meager share of CIRM largess, Litvack said,
"The cell therapy industry is nascent, and the capital markets have not recently been kind to it. CIRM needs to shore up its commercial relationships, as most new therapies will require the private sector ."Here is the full text of Litvack's comments on Friday.
Remarks by Frank Litvack to the CIRM Evaluation Subcommittee 6-3-11
Thursday, June 02, 2011
The Candidate's Letters: What Thomas and Litvack Have to Say
Here is a brief look at the letters of interest submitted to the board of the $3 billion California stem cell agency by two men in pursuit of a six-year appointment as its new chairman. First the item on Jonathan Thomas, then Frank Litvack. CIRM directors begin evaluating the men on Monday.
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Bond financier Jonathan Thomas says he would liquidate his holdings in Advanced Cell Technology of Santa Monica, Ca., an unsuccessful applicant for CIRM funding, if he is elected chairman of the California stem cell agency.
In a May 23 letter to the CIRM board, Thomas, chairman of the Saybrook Capital, also of Santa Monica, said he raised funds for ACT early on and still holds a "small portion" of the company's stock.
Other than that, he said he has no other "actual or potential" conflicts.
Thomas' letter did not discuss the holdings of his firm, which deals in municipal bond financing, the only real source of cash for the $3 billion California state stem cell agency.
Thomas, who is also a lawyer, cited his public finance expertise and said it would be helpful in the event of a ballot measure seeking additional funding in 2014 or 2016. Outgoing Chairman Robert Klein, a real estate investment banker and attorney, has touted a proposal that could run as high as $5 billion.
Thomas said he has had "direct experience as an underwriter, financial advisor or issue in billions of dollars of bond financings."
He also proposed hiring Rob Church of Hogan Lovells, a Los Angeles law firm. He said that Church has had many years of experience working with the FDA on clinical trials, a costly area on which CIRM is pinning much hope.
Thomas noted that he has a long term interest in science, majoring in biology and history at Yale and earning a doctorate from Oxford studying the role of disease in British expansion into East Africa.
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Frank Litvack, a Los Angeles cardiologist, also has a wide range of business interests but says he would divest any that pose a conflict of interest.
In a May 25 letter to the CIRM board, Litvack detailed his business background, much of it reported earlier, along with current activities including his role as an "informal adviser" to a firm that is based on research by a CIRM grant recipient, Eduardo Marban.
He said does not have "an informed opinion" on whether the job of chairman requires full or parttime work, "absent spending time within the organization." He said his other commitments are "elastic" and would devote the time necessary to do the job.
Litvack called himself a "consensus builder." He said the chairman should lead the areas that "fall outside of the president's statutory responsibility including aspects of finance related to agency funding and philanthropy, public communications as well as optimizing relationships with industry and international collaborators."
Litvack said he has raised several hundred millions of dollars for companies but that his most fulfilling role has been as a clinician.
Regarding cell therapy, Litvack, who is listed on the staff at Cedars-Sinai in Los Angeles, said he is on the board of Pervasis Pharmaceuticals of Cambridge, Ma., whose product is an endothetial cell therapy. He said that for two years he has been an unpaid advisor to Capricor Inc., of Los Angeles , a cardiac stem cell company. He said,
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Bond financier Jonathan Thomas says he would liquidate his holdings in Advanced Cell Technology of Santa Monica, Ca., an unsuccessful applicant for CIRM funding, if he is elected chairman of the California stem cell agency.
In a May 23 letter to the CIRM board, Thomas, chairman of the Saybrook Capital, also of Santa Monica, said he raised funds for ACT early on and still holds a "small portion" of the company's stock.
Other than that, he said he has no other "actual or potential" conflicts.
Thomas' letter did not discuss the holdings of his firm, which deals in municipal bond financing, the only real source of cash for the $3 billion California state stem cell agency.
Thomas, who is also a lawyer, cited his public finance expertise and said it would be helpful in the event of a ballot measure seeking additional funding in 2014 or 2016. Outgoing Chairman Robert Klein, a real estate investment banker and attorney, has touted a proposal that could run as high as $5 billion.
Thomas said he has had "direct experience as an underwriter, financial advisor or issue in billions of dollars of bond financings."
He also proposed hiring Rob Church of Hogan Lovells, a Los Angeles law firm. He said that Church has had many years of experience working with the FDA on clinical trials, a costly area on which CIRM is pinning much hope.
Thomas noted that he has a long term interest in science, majoring in biology and history at Yale and earning a doctorate from Oxford studying the role of disease in British expansion into East Africa.
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Frank Litvack, a Los Angeles cardiologist, also has a wide range of business interests but says he would divest any that pose a conflict of interest.
In a May 25 letter to the CIRM board, Litvack detailed his business background, much of it reported earlier, along with current activities including his role as an "informal adviser" to a firm that is based on research by a CIRM grant recipient, Eduardo Marban.
He said does not have "an informed opinion" on whether the job of chairman requires full or parttime work, "absent spending time within the organization." He said his other commitments are "elastic" and would devote the time necessary to do the job.
Litvack called himself a "consensus builder." He said the chairman should lead the areas that "fall outside of the president's statutory responsibility including aspects of finance related to agency funding and philanthropy, public communications as well as optimizing relationships with industry and international collaborators."
Litvack said he has raised several hundred millions of dollars for companies but that his most fulfilling role has been as a clinician.
Regarding cell therapy, Litvack, who is listed on the staff at Cedars-Sinai in Los Angeles, said he is on the board of Pervasis Pharmaceuticals of Cambridge, Ma., whose product is an endothetial cell therapy. He said that for two years he has been an unpaid advisor to Capricor Inc., of Los Angeles , a cardiac stem cell company. He said,
"The company is based on the research of Dr. Eduardo Marban, a CIRM grant recipient ($5.6 million) and director of the Cedars-Sinai Heart institute. I have advised them with regards to clinical trial strategy and the shift from autologous to allogeneic stem cells."
Tuesday, May 31, 2011
Litvack Picks Up Public Support for Bid to Become Chair of Stem Cell Agency
The Consumer Watchdog organization today endorsed a Los Angeles cardiologist as the new chairman of the $3 billion California stem cell agency, declaring that it is time to "correct the agency's dysfunctional management structure."
Writing in an op-ed piece in this morning's Sacramento Bee, John M. Simpson, stem cell project director of the Santa Monica organization, called for the election of Frank Litvack over bond financier Jonathan Thomas, chairman of Saybrook Capital, also of Santa Monica.
Simpson noted that the agency has been much criticized for its dual executive structure, which has led to public conflict and issues involving the outgoing chairman, Robert Klein, and president. Simpson said Litvack believes that the chairman should not be involved in day-to-day management at CIRM. Thomas is believed to envision a more hands-on role for the chairman.
Simpson wrote,
Writing in an op-ed piece in this morning's Sacramento Bee, John M. Simpson, stem cell project director of the Santa Monica organization, called for the election of Frank Litvack over bond financier Jonathan Thomas, chairman of Saybrook Capital, also of Santa Monica.
Simpson noted that the agency has been much criticized for its dual executive structure, which has led to public conflict and issues involving the outgoing chairman, Robert Klein, and president. Simpson said Litvack believes that the chairman should not be involved in day-to-day management at CIRM. Thomas is believed to envision a more hands-on role for the chairman.
Simpson wrote,
"As CIRM was in startup mode, Klein was very much a hands-on chairman, intimately involved in the agency's day-to-day management. The problem is that CIRM's president is supposed to be the chief executive.Simpson said,
"Klein's propensity to micromanage was understandable – perhaps even helpful – as CIRM got off the ground. But it continued during Klein's six-year tenure."
"CIRM already has a world-renowned $500,000-a-year stem cell scientist – its President Alan Trounson. There's no need to spend another half-million on an investment banker so two executives can trip over each other at taxpayer expense.Simpson's piece also contains a concise summary of the all the hooha since last fall surrounding selection of Klein's successor.
"Litvack understands what the chairman's role should be and has realistic expectations about a salary. He should be elected so the agency can move successfully beyond the Klein era and perhaps to a time when it becomes simpler to get things done at CIRM."
Monday, May 30, 2011
Opportunities for Public Comment on Nominees for CIRM Chair
Directors of the California stem cell agency are planning at least three public meetings prior to making their decision on cardiologist Frank Litvack or bond financier Jonathan Thomas to replace outgoing chairman Robert Klein at the end of June.
The public will have a chance to weigh in with comments at all of the meetings. Two sessions have telephonic locations throughout the state, including San Francisco, Los Angeles(2), Coronado, La Jolla, Irvine (2), West Hollywood, South San Francisco and Berkeley.
Here is the schedule, according to the board's outside counsel, James Harrison.
June 3 (next Friday) – CIRM directors' Evaluation Subcommittee telephonic meeting to which all 29 members of the CIRM governing board have been invited. The session will begin with a brief public presentation by the candidates. Then they will be questioned separately behind closed doors. By law, the public can participate during the public portion from the telephonic locations. You can find the addresses of the locations on the agenda. Some are vague and will require contacting CIRM in advance for more specifics. The locations could change, be dropped or more added.
June 6 – Evaluation Subcommittee meeting possibly involving all board members. Again, public participation is possible with the caveats noted above. No action is expected to be taken at either the June 3 or June 6 meetings, Harrison told the California Stem Cell Report.
June 22-23 – Full CIRM board meeting in San Diego with the candidates making a public presentation. A closed session is expected prior to a public vote, which could well be publicly unanimous by that point. Again, the public will have a chance to comment. The specific address for the meeting is yet to be announced.
The public or other interested parties can also comment by emailing information to the CIRM board and asking that it be distributed to all members. That should be done earlier rather than later in order to have any impact.
The schedule of meetings could change depending on the druthers of the CIRM board.
The public will have a chance to weigh in with comments at all of the meetings. Two sessions have telephonic locations throughout the state, including San Francisco, Los Angeles(2), Coronado, La Jolla, Irvine (2), West Hollywood, South San Francisco and Berkeley.
Here is the schedule, according to the board's outside counsel, James Harrison.
June 3 (next Friday) – CIRM directors' Evaluation Subcommittee telephonic meeting to which all 29 members of the CIRM governing board have been invited. The session will begin with a brief public presentation by the candidates. Then they will be questioned separately behind closed doors. By law, the public can participate during the public portion from the telephonic locations. You can find the addresses of the locations on the agenda. Some are vague and will require contacting CIRM in advance for more specifics. The locations could change, be dropped or more added.
June 6 – Evaluation Subcommittee meeting possibly involving all board members. Again, public participation is possible with the caveats noted above. No action is expected to be taken at either the June 3 or June 6 meetings, Harrison told the California Stem Cell Report.
June 22-23 – Full CIRM board meeting in San Diego with the candidates making a public presentation. A closed session is expected prior to a public vote, which could well be publicly unanimous by that point. Again, the public will have a chance to comment. The specific address for the meeting is yet to be announced.
The public or other interested parties can also comment by emailing information to the CIRM board and asking that it be distributed to all members. That should be done earlier rather than later in order to have any impact.
The schedule of meetings could change depending on the druthers of the CIRM board.
Good News for CIRM and Not-So-Good News
The $3 billion California stem cell agency made the papers this weekend in Los Angeles and San Francisco.
One story dealt with research funded by CIRM, the other with selection of its next chairman.
The story by freelance writer Amber Dance in the Los Angeles Times was the sort of coverage that CIRM needs more of if it is to win approval of the possible, new $5 billion bond measure touted by Chairman Robert Klein.
The article had an optimistic lead on a promising ViaCyte Inc. therapy for diabetes. It cited in the second paragraph CIRM's $26 million in funding to the San Diego firm. CIRM President Alan Trounson was quoted. All that in a newspaper that has the largest circulation in California and that has largely ignored CIRM.
The other piece appeared in the San Francisco Examiner. Authored by Katie Worth, the headline read,
The puzzle for CIRM is how to generate enough positive pieces.
One story dealt with research funded by CIRM, the other with selection of its next chairman.
The story by freelance writer Amber Dance in the Los Angeles Times was the sort of coverage that CIRM needs more of if it is to win approval of the possible, new $5 billion bond measure touted by Chairman Robert Klein.
The article had an optimistic lead on a promising ViaCyte Inc. therapy for diabetes. It cited in the second paragraph CIRM's $26 million in funding to the San Diego firm. CIRM President Alan Trounson was quoted. All that in a newspaper that has the largest circulation in California and that has largely ignored CIRM.
The other piece appeared in the San Francisco Examiner. Authored by Katie Worth, the headline read,
"California stem cell czar offered top pay, asked to name job description."It began by saying that the new CIRM chairman could have a salary of more than $500,000. The story mirrored the lack of clarity on the part of the CIRM board concerning exactly what the chairman should do. Worth quoted from the Little Hoover Commission report on CIRM. She wrote,
"In 2009, California’s Little Hoover Commission criticized CIRM’s governance structure, noting that Klein’s 'actions and personal style' and the fact that he essentially wrote his own résumé into the requirements for chairman, create a situation that 'distorts accountability and succession planning and could, in the event of an abrupt departure of the individual, leave the agency leaderless for an extended period.'"In the world of marketing, PR and election campaigns, it takes a lot of positive stories to counter the ones that reflect poorly on an enterprise, such as Worth's.
The puzzle for CIRM is how to generate enough positive pieces.
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