David Mulder

Chairman of the Audit Committee

LinkedIn:  https://www.linkedin.com/in/david-mulder-2798526/

David Mulder was Michael Arlen Davis' pick as emergency replacement Director for Ralph Carlton.  Carlton was the Director and prior Audit Committee Chairman who resigned shortly after the arrival of Meridian’s May 2016 letter exposing Chairman Davis' machinations,  and demanding the board fulfill their fiduciary obligation to shareholders by taking appropriate action.

In addition to hand-picking David Mulder to replace Ralph Carlton as Director and Audit Committee Chair, Davis inserted him (Mulder) as Chairman of the Special Committee tasked with the investigation of Chairman Davis. This special committee also included board members David L. Vied and Walter B. Menzel.

David Mulder has held numerous executive positions. He is currently EVP and CFO of Reiter Affiliated Companies,  an agricultural business located in Oxnard CA that supplies Driscoll’s Berries. http://www.berry.net/  He is also Chairman of the Board and President of FreSeguro, Inc, a Hawaiian based captive insurance company.

Biolase

Mulder’s highest profile job was with Biolase, a dental laser company where he was CFO from 4/08 to 3/09, and then CEO from 3/9 to 8/10. The graph of Biolase stock price below covers the January 2006 to June 2010 time period.
Biolase stock price
Biolase Technologies Inc.
The events around Biolase reflected in the press release below, and the resulting poor stock price performance shown in the chart to the right,  confirm that David Mulder is not new to public company board strife related to corporate governance issues.

Major changes at Biolase as CEO departs

Interim CEO and major shareholder Federico Pignatelli says new business strategy will restore value of the world's leading dental laser company.

Following months of boardroom upheaval, including the resignation of five company directors, Federico Pignatelli, one of the largest shareholders in Biolase, is now acting as interim CEO after effectively ousting the previous board of directors. 


Nevertheless, Biolase shareholders – including Pignatelli himself - have seen their investment in the company virtually wiped out over the past five years. Shares in Biolase, which once reached close to $20 in value, have traded at below just $2 for most of the past two years, while the company recently received a warning from the Nasdaq exchange about a lack of shareholder equity.have seen their investment in the company virtually wiped out over the past five years. Shares in Biolase, which once reached close to $20 in value, have traded at below just $2 for most of the past two years, while the company recently received a warning from the Nasdaq exchange about a lack of shareholder equity.
 

“At the last shareholder meeting there was a very big signal to change,” Pignatelli added. “[But] there was a resistance to this from the old board members.”  Following that boardroom split came a flurry of announcements that appeared to show a chaotic situation unfolding at Biolase. On June 10, Pignatelli was fired from his position as company president, only to return as vice chairman of the board of directors just three weeks later.

Brett Scott, who had been appointed as the company’s CFO in June 2009, resigned his position shortly after the return of Pignatelli.  Next to resign from the company’s board of directors, in late August, were Gregory Waller, James Largent and then-CEO, David Mulder.  


Link: Biolase press release August 2010