David L. Vied

"Mr Obsequeous, I presume..."

LinkedIn:  https://www.linkedin.com/in/david-vied-17137a3

David L. Vied is the Cyanotech board member with the most obvious potential conflict of interest. Vied was the “headhunter” Davis paid to recruit Brent Bailey to join Cyanotech as CEO in 2010. Fast forward to 2016, and Mr Vied provided the critical fourth vote needed to obtain a majority of the board of directors' decision to fire Brent Bailey.  Davis promptly awarded Vied for his loyalty by hiring Vied's employer (Korn Ferry) the assignment to “headhunt”  Bailey’s replacement.  In other words, Vied did not recuse himself, voting to fire Bailey despite a glaring and material conflict of interest.

Vied seems to be the board member who is closest to Davis, although his relationship can reasonably be described as “a salesman eager to please his wealthy customer.”

customer and salesman ;-)
Vied provided loyal service to his "Dear Leader" Davis when he chaired the Cyanotech Special Committee created to investigate Meridian’s claims in the May 6, 2016 letter, and its Federal lawsuit in Nevada District Court. That committee took a very long time, did very little and came to almost no conclusions - other than that the board should defer to Davis on all questions concerning Davis' alleged misconduct.  The board even renominated Davis to serve another year on the board while the investigation was still underway.
The summary timeline provided below adds more context,  and further exposes the nature/potential impact of David L Vied’s apparent conflict of interest:

  •     David Vied recruits Brent Bailey to Cyanotech as new CEO, while employed as a headhunter at Heidrick and Struggles. 
  •     Prior Cyanotech Chairman Gregg Robertson is forced to resign.
  •     Davis infuses $2.1M of new Cash and Shares into RSF and begins rapidly accumulating Cyanotech shares.
  •     No SEC 13D is filed disclosing the sharp spike up in Davis’ investment activity
  •     Davis is elected Chairman of Cyanotech
  •     Davis infuses an additional $3.2 M of cash and stock into RSF to continue the rapid accumulation of Cyan shares he is “Parking” at RSF today
  •     Davis directs VitaeLab's 10% block of public Cyan stock to RSF,  which RSF dutifully buys
  •     No SEC 13D is filed disclosing the rapid accumulation of shares
  •     David Vied leaves Heidrick and Struggles to join Korn Ferry
  •      Skywords Foundation pays Korn Ferry $55k for "Futurestep" consulting services
  •      David Vied is added to Cyanotech's board in early January at Davis' insistence
alpha dog and beta dog ;-)
  •     David Vied votes in line with Michel Davis to fire CEO Brent Bailey without warning
  •     Korn Ferry (Vied) receives contract to find replacement. 
  •     Board Member Ralph Carlton resigns in apparent protest shortly after the Board receives Meridian's May 6th letter.