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Centene executives are hoping the company is gone in two years; sold out to a bigger company with millions in bonuses, options, and payouts to the current executive team.
That's the goal of all this. Buy up companies left and right. Don't worry about how things are run, just cut costs and cut corners to make the bottom line look good this quarter. Make it look good enough for one of the bigger guys to buy them out.
The execs will cash in, and everyone else will suffer.
This is not a company being run for the long term in any way. This is a company with a very short term goal of being bought.
Two years?
I departed last year from the WellCare side but before the remnant became Centene-ized. Having been through the corporate mill, everything about Centene felt short-term and beholden to investors and the Street. The only long-term strategy I could see was MFN accumulating more shares, laying off people, acquiring companies here and there to look good, cocking up the integration--then laying off more people.
It's quite telling about NC and the dodging around STL and TPA. MFN comes from the late '90s and early 2000s frame of reference around real estate and where people work. His attitude towards remote work and telling people they are 'cubies' is so typical of a guy whose frame of reference is antique. My bet is that MFN has a private interest in real estate development.
The fact he has NOT named a successor is very strange indeed for a 75 y/o CEO in control for 25 years.
Tell me if I'm wrong, but everything around this is like MFN as an Egyptian Pharoah building his own pyramid. After he's gone, the family will still have a big say in Centene.
Hopefully gone
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