10-07-2021, 07:45 AM
The former CEO of Safeway, Peter Burd, testified yesterday, stating that Theranos didn't deliver on a $55 million deal that was negotiated almost exclusively by Elizabeth Holmes.
He said he was impressed with her charisma and Theranos' technology, but two years after the negotiations, promises went unfulfilled.
"What was unusual about it was that we never saw an attorney. Elizabeth appeared to be negotiating completely on her own, probably talking to counsel online, but I had never seen that done."
Also...
"There are very few people that I have met in business that I would say are charismatic. She was clearly charismatic. She was clearly smart. "
Holmes promised 20-30 minute wait times, so shoppers could purchase more in Safeway while they waited for results. She also claimed that Theranos was "cash flow neutral."
He asked for financials, she sent him emails indicating $223 million in revenue against $167 million in expenses in 2011. Safeway agreed to invest $55 million in cash and they planned to spend $30 million to remodel stores.
Burd testified that throughout their meetings, Holmes appeared to be in charge, even when Balwani was in the room. "She never looked at Sunny to see what he might be thinking. She answered these questions herself."
He said he was impressed with her charisma and Theranos' technology, but two years after the negotiations, promises went unfulfilled.
"What was unusual about it was that we never saw an attorney. Elizabeth appeared to be negotiating completely on her own, probably talking to counsel online, but I had never seen that done."
Also...
"There are very few people that I have met in business that I would say are charismatic. She was clearly charismatic. She was clearly smart. "
Holmes promised 20-30 minute wait times, so shoppers could purchase more in Safeway while they waited for results. She also claimed that Theranos was "cash flow neutral."
He asked for financials, she sent him emails indicating $223 million in revenue against $167 million in expenses in 2011. Safeway agreed to invest $55 million in cash and they planned to spend $30 million to remodel stores.
Burd testified that throughout their meetings, Holmes appeared to be in charge, even when Balwani was in the room. "She never looked at Sunny to see what he might be thinking. She answered these questions herself."
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