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CollabRx, Inc. Message Board

  • green_side_up green_side_up Feb 1, 2013 3:32 PM Flag

    CEO Thomas Mika's compensation nearly equals CLRX business valuation

    Thomas Mika earned 2011 in compensation according to Forbes (see below) - let's assume it was flat for 2012 - that appears to be about 10% of the market capitalization of CLRX. But, if you back out the $6.2 million of cash on the balance sheet from the latest 10-Q, Thomas Mika's $660,000 of compensation is nearly the same as CLRX business valuation of $700,000. That is PATHETIC and RIDICULOUS. If Thomas Mika does not generate real shareholder value quickly, he needs to resign or take a huge pay cut. PERIOD. END OF STORY.

    Where the heck is the Board and why aren't Shareholders outraged about this? Especially for a CEO who has effectively crushed shareholders over the years. Enough is enough. Clock is ticking and Thomas Mika, as ESPN say, is "on the clock".

    The Board of Directors really needs to be scrutinized heavily as well. Thomas Mika is on the Board; James Karis - who left the firm or more likely got forced out by Mika - is still on the Board (why?); Mika's buddy from his work back in the day with Nazem, Jeffrey Krauss, is on the Board. He's not independent. This Board needs a major shake-up. Karis should be replaced. Krauss should be replaced.

    CLRX needs to hire a Chief Operating Officer and new members of the Board IMMEDIATELY.

    This is a joke. We're losing our hard earned dollars as shareholders. And, this guy Mika is making a killing.


    From Forbes 400:

    Thomas Mika
    At a Glance

    CEO/Chairman of the Board/President/Director, Tegal Corporation
    Age: 60

    Thomas R. Mika was appointed our President and Chief Executive Officer in March 2005 and appointed Chairman of the Board in October 2006. Mr. Mika has more than 25 years of senior management, finance and consulting experience. Serving on our Board of Directors for ten years from 1992 to 2002, which included periods of service as the Chairman of the Compensation Committee and a member of the Audit Committee, [...] more

    Tegal Corporation

    Compensation for 2011
    Salary $284,589
    Bonus $125,000
    Restricted stock awards $250,584
    All other compensation $1,494
    Option awards $0
    Non-equity incentive plan compensation $0
    Change in pension value and nonqualified deferred compensation earnings $0
    Total Compensation $661,667

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    • I guess "for cause" does not include "swandering all the resources of a company from asset sales after making poor purchase decisions in the first place, drawing a salary that is not in proportion to duties assumed or employees underneath, accepts a cash bonus every year with no guilty feelings, maintains a BOD that approves evrything he wants including a steady stream of stock option grants, sets him up with a iron tight severance package so he can never be let go, and then most important for sure DENES ANY WRONG DOING!"!

      I can only think of one person who trumps him, although he is not of our physical world. Like father, like son I guess. Why else would we have to pay him even if he dies trying at all this FRUITLESS stuff? Talk about an insult! He gives new meaning to the words "Last Supper", no? I think it really means he wants all of our last suppers? I invested over $58,000 in this company in 1999 and sold all of it for $614 in 2012. He did not get my last supper, but came close in his own evil eyes! I am doing just fine these days, thank you very much! I will look up Mr. Mika on the other side and put in a few choice words at his judgement day. I doubt he will be present to hear my words though, he having a ticket to another destination. EQ

      • 1 Reply to eqivacation
      • EQ, that is unbelievable. Sorry for your loss...that's outrageous and totally unacceptable.

        Frankly, after reading that paragraph about Mika's employment agreement, I'd do it. That's $575k + $900k (2 x $450k in bonus, assuming that's the 3-year average) + 2 x whatever the 3-year average of the number of Restricted Stock & Options he was granted.

        I'd take $1.5 million of the $6.2 million and pay his severance and grant him 2 x the Restricted Shares plus 2 x the Options.

        Time has come to remove Thomas Mika. He is that bad. And, it's so unacceptable to have a CEO that is so ineffective, has no idea how to create shareholder value, actually destroys shareholder value, gets paid way too much, and nobody on the Board says anything.

        Where is Carl Icahn when you need him? He'd buy-out CLRX with the money he keeps in his pocket, immediately fire Mika, totally replace the ENTIRE Board, and bring in a new executive management team, including a CEO and COO, who know the cancer and genomics markets backwards and forwards, have a strong history of partnership and deal execution, and can create new products and services.

        Honestly, CLRX should be issuing news every week. The Lung Therapy Finder is not visible on the Medpage website, and we don't know the timing of or the revenue that the LIFE deal will generate. And, there's been very little discussion on other deals, partnerships or distribution. Meanwhile, Mika spent over $1 million in Q3 on something and will likely spend close to that in Q4...on who knows what.

        As shareholders, one thing we each can do is try to get Venture Capital investors exposed to CLRX. There's really no reason for CLRX to be a publicly traded entity. It should be private.

        As I said, the clock is ticking on CLRX and Thomas Mika. No more #$%$ It's time for him to either create shareholder value or to step aside and resign. I'm giving him through Q2...that will be 1 year at CLRX, to measure what he does.

        Tick, tick, tick, tick...

    • I do not know if the following is still valid since it took effect in 2007 but Mr. Mike has a nice termination package too. This is from form 8-K of 2007-08-02

      The employment agreement provides that in the event that Mr. Mika’s employment is terminated by us other than for “cause” (as defined in the agreement), if he resigns for “good reason” (as defined in the agreement), dies or becomes disabled, or if we give notice of nonrenewal of the term, he will receive continued payments of base salary for a period of twenty-four months following the date of termination, plus an amount equal to two times the average annual incentive bonus paid to Mr. Mika for the three most recently completed fiscal years in which a cash bonus program covering Mr. Mika was in effect or a cash bonus was actually paid, payable in equal installments over a period of twenty-four months following the date of termination. In the event that within twelve months following a “change of control” (as defined in the agreement), he is terminated by us other than for “cause” or if he resigns for “good reason”, the severance benefits will be payable in a lump sum and any long-term incentive awards outstanding shall become fully vested, and if applicable, exercisable. The Compensation Committee of the Board of Directors has not yet established the thresholds or terms of the bonus plan for which the employee will be eligible to receive under the terms of this agreement. A copy of the Employment Agreement with Thomas Mika is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

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