https://safirsoft.com Safeway CEO tells jury that Theranos missed deadlines without explanation

The allure of Elizabeth Holmes signed the contract, but Theranos never delivered him. Avoid darkening the relationship when a blood test inevitably fails to deliver on its promises.

Stephen Burd, the former CEO of Safeway, told Holmes Criminal Court yesterday how his admiration for Holmes and his company waned over the three years from 2010 to 2013, when he retired. Holmes is charged with 10 counts of electronic fraud and two counts of conspiracy to commit fraud.

When the board promised to release Holmes and his rapid blood test technology, he said he was "immediately interested. Meet Tranos, especially the founder." The idea that people could donate a small amount of blood and get results quickly "was an attractive concept". Leave your results after purchase. The idea came with his vision of making healthcare a huge part of Safeway's business. Within two decades of his tenure, the company opened in-store pharmacies and began offering vaccines.

Although Theranos sounded great, he said it was the main result of Holmes. "I am deeply moved," the council told the court. “There are very few people I have met in this business and I can tell that they are charismatic. He was charismatic, he was very smart and he did one of the hardest things to do in a company which was create the company that was there from the beginning.”

"He was always decisive"

The board said it met with Holmes in early 2010. "Not all CEOs are the same," he said. "In terms of vision, in terms of intelligence leadership, he obviously made it to the top of the masses in terms of delivery. He was always decisive." I had the privilege of meeting four American presidents. When the boss is in the room, let me tell you that the boss owns the room. Nobody talks unless they are spoken to. His style was warm and friendly. This was not a dictatorship. As part of the pitch, Holmes gave presentations to Safeway board members and executives explaining his company's finger tests and claiming that they could measure results of blood, urine or saliva in 20 minutes at a lower cost. Back to the competitors. He also said Tranos has cash flow neutral. By September 2010, about six months after the board meeting with Holmes, Safeway had approved an $85 million partnership with Tranos. As part of the deal, Safeway will spend $30 million to build a lab inside its grocery store. The board said that Holmes - and not the lawyers - negotiated for Tranus, which it described as unusual. According to the council, the cost of adding the lab to its stores was well over $30 million, and "deadlines are still being missed and often not told."

Another red flag appeared in the Theranos conference room presentation. Holmes took blood from a board member for a prostate-antigen test, which protects against prostate cancer, and put it in his company's diagnostic machine, but the board said, "We got no results."

Read more Teranos fails Evaluating the pharmacy, while the laboratory director assigned it seven tests, and as it went on for months and years, Holmes and Trannos asked. “I kept asking, 'Give me the details here.' He was frustrated. We always tried to help them as much as we could.”

As the delays increased, so did the board's frustrations. By the end of 2012, his company had invested $367 million in 963 stores to prepare for the launch of Theranos. In January 2013, he emailed Holmes detailing his concerns, saying, "I don't like wasting time. This doesn't sound like a partnership."

Despite repeated delays, next month Holmes sent a $25 million bill to Safeway. (There is no information on whether Safeway paid for it.) Burd retired in May 2013 and supported the partnership in later years. It never materialized, and in 2015, after the Wall Street Journal published its research on Theranos, Safeway ended its partnership with the company.

Safeway CEO tells jury that Theranos missed deadlines without explanation
safeway-ceo-tells-jury-that-theranos-missed-deadlines.html

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