Don't Let SLTM CEO Ignore Shareholders - Sell the Company - Voce Letter
Voce Capital Management sent a letter to the Board of Directors of Solta Medical expressing its disapproval of recent actions taken by Solta, including the appointment of Mark M. Sieczkarek as interim CEO. Voce's letter also reiterated that the best way to maximize Solta's shareholder value is the immediate pursuit of a sale of the co. In its July 19, 2013 letter to the Board, Voce cautioned against the installation of any current Board member as CEO; the Board neither responded to Voce's letter nor heeded the advice it contained. Rather, the Board replaced the Company's CEO with its Chairman, Mr. Sieczkarek, who has been on the Board since July 2006 and been lead director since 2008.
"The decision to appoint Mr. Sieczkarek as CEO was disappointing enough, but we were appalled by his statements during the conference call. Mr. Sieczkarek made clear that his true intention is to become Solta's permanent CEO and, not coincidentally, that the Company will not explore a sale unless it is forced to do so. If necessary, that's exactly what we shall do."