The plan was to put Theranos devices up against the already-approved devices on those vessels to determine if the devices were "faster" or "more accurate.". Federal prosecutors allege that the pair defrauded investors by lying about the accuracy of Theranos tests and technology, and defrauded patients by providing tests that werent as accurate as advertised. ethics program and shall exercise reasonable oversight with respect to the to run most of its blood tests. The book then chronicles some actions Tevanian took, which are poignant examples of outstanding corporate governance. [The] strategy seems clear, said the ex-WSJ journalist, John Carreyrou, who has also produced a podcast and written a book about Holmes case, of the defense teams selections. Palo Alto-based Theranos was, Balwanis trial is expected to begin next year. [1][6], In United States v. Microsoft in 2001, he was a witness for the United States Department of Justice, testifying against Microsoft. 8B2.1(b)(2)(A) (Nov. 2018). James Mattis said he regrets his involvement with Holmes. Before that, he was secretary of the treasury and secretary of labor under Richard Nixon. Click here to find the show on your favorite app. Against a backdrop of nonexistent corporate governance, it sounds fromBad Bloodlike Avie Tevanian played it by the book. He leveraged that work at NeXT Inc. as the foundation of the NeXTSTEP operating system. He also served on the board at Theranos, Inc and In the past year, several high-profile directors have departed, including former US secretaries of state George Shultz and Henry Kissinger, ex-US senator Bill Frist, and current Uber CEO Dara Khosrowshahi. Audiences will most likely recognize Ironside from his roles in Total Recall, Scanners and The Machinist. Riley Bechtel, a construction billionaire who pumped over $6 million into Theranos, is also on the preliminary list, alongside Sue Desmond-Hellman, the former CEO of the Bill and Melinda Gates Foundation, though her connection to Holmes is not immediately clear. Before Holmes and her ex-boyfriend, Theranos former president and COO Ramesh Sunny Balwani, were indicted, the company was the subject of civil and criminal investigations, and settled with the U.S. Securities and Exchange Commission. She told the court that the company's blood test inaccurately showed she was suffering a miscarriage when in fact she had a healthy pregnancy. The pair have both pleaded not guilty to the charges. Holmes and Balwani each face two counts of conspiracy to commit wire fraud and 10 counts of wire fraud. Due to his large investment in Theranos, Lucas has a place on the company board. The Theranos board was made up of eminent statesmen and business luminaries, mostly recruited to the company by George Shultz, jurors heard Tuesday. Holmes founded Theranos in 2003 and claimed the company was developing blood testing technology that could perform hundreds of blood tests using only a few drops of blood. Toggle
CMS required Theranos to void almost one million that he abused her emotionally and psychologically. At the board meeting, issues are discussed, progress is shared, and decisions are made. When state regulators conducted inspections of Taubman recounts how Shultz then in his 90s and with no biomedical expertise was impressed by Holmess startup and its promise to revolutionise blood testing. Summit Junto is thoughtfully designed to mirror the premium Summit Series experience while in an intimate group setting. Enjoy! The original twelve-member Board of Directors was stacked with two former Secretaries of State, two former senators and several high-level former military officers. And, too many board members are financially reliant upon their board stipends, and feel constrained to consider resignation. Mattis told jurors that when he joined the board in 2013 U.S. military casualties had not relented. Many entrepreneurs make the . Holmes and her father, who is the company's chairman. Saddened friends and associates attributed the conduct to his advanced age.. The fast-growing startup is now under civil and criminal investigations by the U.S. Securities and Exchange Commission, the Department of Justice and federal health regulators. The company claimed that it had devised . Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pocket (Opens in new window), Click to email this to a friend (Opens in new window). Jim Mattis, Secretary of Defense, listens during a meeting with President Donald Trump in the Roosevelt Room of the White House, Nov. 28, 2017. She attracted a litany of high-profile investors who pumped more than $700 million into the company and also struck partnerships with Walgreens, Cleveland Clinic, Capital BlueCross and more from 2013 to 2015. Among those who could be called to the witness stand is Holmes herself, who is maintaining the option to plead her own innocence to the jury. Theranos' board of directors Part of what made Theranos such a big name in Silicon Valley was the people the company brought on for its board of directors. Such luminaries as former Secretaries of State George Shultz and Henry Kissinger, Marine Corps General James Mattis, and former Secretary of Defense William Perry, once famously portrayed as the single most accomplished board in U.S. corporate history, should be partly culpable for Holmess malfeasance. Walgreens had spent $140 million on its partnership with Theranos, and wanted to recover the entire amount, but the two companies eventually came to a settlement agreement for less than $30 million, the Journal reported. Board Member Expertise. Suspecting the younger Shultz was the whistleblower, Holmes set her lawyers on him and put him under surveillance. Elizabeth Holmes, founder of Theranos. Instead, as jury selection continues for Holmes trial, were taking a look at the investment dollars the company netted, the high-profile partnerships it formed, and the big names that backed and advised Theranos before the company went from a Silicon Valley star to a cautionary tale. approved hiring Balwani as president and COO despite having no blood testing, Year of the tech grifter: will Silicon Valley ever learn from its mistakes? [11][12] On January 12, 2010, he became managing director of Elevation Partners. [5] He has a B.A. whether in a for-profit or non-profit entity, directors are fiduciaries. Do Members Of Board Of Directors Get Paid? Much is at stake should the company fail to prove the accuracy of its claims, the efficacy of its technologies and its compliance with lab standards. His salary on the board was approximately $150,000, according to Theranos financial documents. This would suggest that, as ridiculous as Theranos boardroom may appear, the bigger mistake was perhaps failing to create a system of openness. [3] He is of Armenian descent. This will help ensure critical issues and information are reported to the board. Holmes, now 37 years old, faces a total of 12 chargestwo counts of conspiracy to commit wire fraud and 10 counts of wire fraudfor allegedly engaging in a multimillion-dollar scheme to deceive investors, doctors and patients from 2010 to 2016 alongside Theranos former COO Ramesh Sunny Balwani, with whom she was romantically involved. Reporting structures or processes may include: (a) forming a board committee focused solely on compliance oversight; (b) developing protocols for regular meetings with compliance and management personnel, and reporting key compliance activities to the board or committee; and (c) setting a regular schedule for the board to review and assess risk. and Ph.D. degrees in computer science from Carnegie Mellon University. after reports questioning the validity of its tests came out, alleging a breach of contract. Tevanian reportedly felt that since Holmes had control of her foundation, the requested share issuance to the foundation was just providing more voting control of the company to Holmes at the expense of shareholders. evidence Holmes misled the board about the effectiveness of Theranoss blood Heres a closer look at Theranos investors and other business ties. Long story short, the technology did not work (ultimately, Theranos did not develop any new technology, it took existing technology and made it smaller). This article is not about the gripping tale of deception, manipulation, and intimidation fostered by Holmes and Balwani (and other bizarre facts, such as Holmes communicating in a fake deep voice for years after starting Theranos) Carreyrou, ABCs Rebecca Jarvis in the podcast The Dropout, and many other talented journalists have thoroughly covered those topics. Apples macOS and iOS both incorporate the Mach Kernel, and iPadOS, watchOS, and tvOS are all derived from iOS. Tyler Shultz, a former Theranos Inc. employee and whistleblower, shared his relief Monday night that the company's founder, Elizabeth Holmes, had been convicted of fraud . Avadis " Avie " Tevanian (born 1961) is an American software engineer. Elizabeth Holmes, founder and former CEO of, Theranos, arrives for motion hearing on Monday, November 4, 2019, at the U.S. District Court House inside Robert F. Peckham Federal Building in San Jose, California. samples, blood was stored at the wrong temperatures, the presence of expired By now, everyone has heard of or read about Theranos. Post was not sent - check your email addresses! Despite his fellow board members overwhelming support of Holmes, Tevanian aggregated all the board documents that led him to be concerned and brought them to a subsequent meeting with Lucas. Balwanis trial is expected to begin next year. [v] His salary on the board was approximately $150,000, according to Theranos financial documents. The former Secretary of State resigned amid questions about the company's practices. It seems the board never pushed for proof of the products efficacy, either because they did not know any betterhaving no industry experienceor because they were not encouraged to be vigilant and involved. Alarmed, Tyler Shultz went to his grandfather for help. Elizabeth Holmes -- CEO and chairman of the board of Theranos. earlier provided evidence that had convinced them to remove Holmes. commercial analyzers, diluted small finger prick samples, and ran them on the Holmes, an aspiring billionaire, claimed she feared needles. Shultz joined the Theranos board of directors in 2011. patients about flawed test results. experience. Opening statements begin Wednesday in Holmes trial, which is expected to last between three and four months total. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); About: Nagesh Belludi [hire] is a St. Petersburg, Florida-based freethinker, investor, and leadership coach. A recent recruit to Theranos, Justin is in charge of designing the UI and user experience for all Theranos devices. Bernard Marcus once stated his preference for board members who are contentious and unwilling to relent until their questions have been answered. Theranos has raised billions of dollars from
In March 2008, two high-level employees approached the board chair with When In the face of that consternation, the book describes how Tevanian set about reviewing all of the board materials hed been given during his year-long tenure. Avie Tevanian, Steve Jobs' former right hand at Apple who originally invested $1.5 million into Theranos and for a time served on its board, wonders if they all fell, just a little bit, into . Opinions expressed by Forbes Contributors are their own. The company raised $800 million and famously reached a $9 billion valuation, before the Securities and Exchange Commission - with a material assist from Pulitzer Prize-winning reporter John Carreyrou of The Wall Street Journal - ultimately declared the company to be a massive fraud. He left the company in 2016 and was indicted on federal wire fraud and conspiracy charges in 2018. In 2016, the US government accused Theranos of "massive fraud" and banned Holmes from owning or operating a blood-testing lab for two years. The Office of Inspector General of the Department of Health and Human Services has published practical guidance for boards of health care companies, and the Blue Bell case also provides important guidance. Theranos then raised $45 million in venture funding in July 2010. The makeup of Theranos boardroom has done very little for its credibility in the medical technology industry. Holmes, an aspiring billionaire, claimed she feared needles. At the end of the day, the difference between an effective board and a failing board boils down to whether or not there is a social system of respect, trust and candor among members of management. Each Theranos board member was highly Theranos is cautionary tale for board of directors. You may quote, copy and share them freely, as long as you link back to RightAttitudes.com, don't make money with them, and don't modify the content. Palo Alto-based Theranos was officially dissolved in 2018. Theranos is criticized for developing its product in a culture of secrecy for a decade before releasing it. Is It Time To Change Director Board Compensation In Private Real Estate Firms? The media has reported extensively about Holmes and the downfall of Theranos, which was at one point valued at $9 billion. [i] Dismissing scepticism regarding Holmess claim to have come up with a quick and easy blood test that would dramatically simplify healthcare, Shultz encouraged his grandson, Tyler Shultz, to work a summer internship at Theranos and become a full-time employee. Raising capital isn't a cure-all. From a compliance perspective, Theranos is a good case study. He leveraged that work at NeXT Inc. as the foundation of the NeXTSTEP operating system. Both have pleaded not guilty. The company is running out of money, and it is facing an uphill battle to keep its business afloat. Mattis told the court that he became instantly impressed with Holmes' description of Theranos' testing capabilities, thinking the company's devices could have game-changing benefits on the battlefield. Plaintiffs survived a motion to dismiss because their complaint included An active investor I know told me about a potential deal he was considering. 2023 Crunchbase Inc. All Rights Reserved. revolutionize the blood-testing industry, but it has not been able to deliver on that promise. Mattis joined Theranos in 2013 and departed in 2016, prior to joining the Trump administration as the secretary of defense. A truly engaged overseer may have preserved $945 million in investors capital and kept a nave, immoral, and feckless entrepreneur from bullying the press, intimidating her employees, and gambling with the patients lives. Gould, who had already miscarried three times, testified that in September 2014 she took a Theranos blood test at a Walgreens store in Arizona after learning that she was pregnant. It wasnt until 2013 that Theranos began operating more publicly and started to receive mainstream attention. Foremost, Summit Junto expertly builds groups of 5-7 members, specifically matched based on career experience, diversity of industry, life stage, mentality and goals. "I had no other source of information on it," he told the court. Board minutes should reflect efforts to establish, implement, and continually monitor key compliance matters, and should include management reports on risks and compliance issues. Avie Tevanian Was on Theranos's Board of Directors From MarketWatch's bio of Avie Tevanian: Dr. Avie Tevanian, Jr. PhD, is a Managing Director at Elevation Partners. David Boies: Boies was one of Theranos' high-profile lawyers and sits on the board of directors. In fact, the only board member who stood up to Holmes and asked tough questions was forced to resign under a specious threat of litigation (Holmes routinely threatened to sue anyone perceived as standing in the way). The company claimed its technology could run blood tests with just a prick of a finger, but it was later revealed that Theranos used traditional blood testing machines for the majority of its tests, and that its own technology could produce inaccurate test results. Board decided to remove Holmes as CEO. 3. There, he designed the NeXTSTEP operating system, based upon his previous academic work on Mach. Litig., 698 A.2d 959 (Del. Theranos has since changed its board structure to include a smaller board of directors, a new board of counselors and a medical advisory board staffed with physicians and researchers. If convicted, each faces up to 20 years in prison. Media mogul Rupert Murdoch invested $125 million towards Theranos. As the name suggests, a board meeting is a formal gathering of the board of directors, scheduled on a regular basis for example, bimonthly or quarterly. Unfortunately, very few corporate governance thought leaders and educators speak frankly and realistically about the circumstances under which resignation is the most prudent decision for a board member. Applying such maxims to a medical product with life-and-death implications was a key driver of the Theranos downfall. Brent T. Wilson is the Deputy Chief Compliance Officer at University of Utah Health. It explores his involvement in the summits between Reagan and the Soviet leader Mikhail Gorbachev that ended the cold war, the Iran-contra affair and Internal Revenue Service investigations into Nixons enemies. Elizabeth Holmes of Theranos Theranos Inc. once the most valuable medical technology start up in America is now a slow-motion corporate disaster generating waves of bad news. ' The Dropout ' follows Elizabeth Holmes ( Amanda Seyfried) as she drops out of Stanford and launches Theranos, a biotech startup. him. To fulfill their fiduciary duty, board members must be knowledgeable about the content and operations of the companys compliance program, and develop board-level systems to ensure appropriate oversite of the implementation and effectiveness of the compliance program. Now, Theranos is making changes to one of the more easily fixable aspects of the company: its board of directors, which has historically included former senators Bill Frist and Sam Nunn,. A full recap of last week's proceedings is available on Tuesday's episode of "The Dropout: Elizabeth Holmes on Trial'' free on Apple Podcasts, Spotify, Amazon Music, or wherever you listen to podcasts. It is unclear why the board members have resigned, but it is likely that they were
in asking questions or challenging Holmes. Dr. William Foege of Theranos' board of directors and its 2016-assembled medical advisory board was the company's sole industry expert. I agree with some others who are also regularly in boardrooms, that the number of directors who probably should resign from their boards far outpaces the number who actually do. Find the right companies, identify the right contacts, and connect with decision-makers with an all-in-one prospecting solution. If found guilty, they could be sentenced to up to 20 years in prison and hit with a $250,000 fine, in addition to restitution, for each count. was previously employed as Chief Software Technology Officer & SVP [iii] In other words, directors must make a good faith effort to implement a board-level oversight system and monitor it. cooperated with the FDA and the FDA approved its blood testing processes. William Foege, former director of the Centers for Disease Control and Prevention, remains a board member, according to Theranos' website. He told Tyler: Im over 90 years old. In January 2017 the Theranos board of directors had shrunk considerably, at that time including Holmes, Foege, Bonanni and Daniel Warmenhoven, former NetApp CEO, replacing Riley Bechtel. Without denying or admitting to the charges, Holmes separately settled with the SEC, agreeing to pay a $500,000 penalty. 6. Reporting to the Board. demonstrating the devices to potential investors and pharma companies. Mattis recalled meeting Holmes in either 2011 or 2012, at an event in San Francisco where he was giving a speech. Holmes, who by all accounts is wildly intelligent and charismatic, was able to raise hundreds of millions of dollars for her idea, despite having no scientific or medical training. One is that you were corrupt and have invested so much money in Theranos that you were willing to make ethical compromises in order to see return on your investment. Avie Tevanian Was on Theranoss Board ofDirectors. Holmes convinced them to change their This is a significant shake-up for Theranos, which has already been through a lot
Kolide ensures only secure devices can access your cloud apps.Its Zero Trust for Okta. the lab, Theranos only showed the inspectors the lab with the conventional Timothy L. O'Brien. He was a longtime friend of Steve Jobs. Yes, We Have No Choice, Cannabis Challenges Differ In Each State Where Its Newly-Legal, 5 Unexpected Places To Find Your Next Great Business Idea. But there was apparently no one on the board to point out that this approach doesn't work very well for technology startups. That's why it is good to include a critic . Enlarge / Elizabeth Holmes, founder of Theranos Inc., left, arrives at federal court in San Jose, Calif., on Tuesday, Oct. 12, 2021. C CSF Therapeutics -. (CMS) conducted a surprise inspection of the lab in September 2015 and found Theranos also segregated The momentum was abruptly broken later that year when the Wall Street Journal published a series of investigations calling into question the effectiveness of Theranos blood testing machines, which it discovered were giving patients incorrect diagnoses. Taubman writes: Instead of hugging his grandson and disowning Holmes, Shultz equivocated. Help Launch Space Satellites Or Fight Cancer With These Startup Jobs, Some Beaten-Down SPACs Recover Amid Tech Rally, The Weeks 10 Biggest Funding Rounds: Anthropic And Our Next Energy Raise Huge $300M Rounds. (Photo by Yichuan Cao/NurPhoto via Getty Images), Elizabeth Holmes Trial Starts This WeekHeres What To Know About Her Charges, Defense Strategy And More. In 2018, Holmes was indicted on charges involving defrauding investors and deceiving patients and doctors. Carrie H. Cohen, Christine Wong, and Kate Driscoll partnered with Corporate Directors Forum and Bavan Halloway, corporate board member at Topgolf Callaway Brands, T-Mobile, and TPI Composites, Inc. to present "Lessons from the Theranos Trials: Navigating Ethical Decisions in the Boardroom." There is no indication that any other board member, however, was even interested Riley Bechtel: Bechtel is the grandson of former Bechtel CEO Steve Bechtel Sr. Blue Bells board, however, had no committee to address food safety issues, no processes or protocols for management to update it about food safety practices or risks, no regular schedule for considering food safety risks inherent to the industry, there was no evidence management notified the board of red or yellow flags from regulators about reported listeria problems, and there was a complete lack of any discussions about food safety in board meeting minutes even during the time of the listeria outbreak. Concerns over accuracy and reliability persisted, however, forcing the company to eventually void or . Should The Ceo Be On The Board Of Directors? Walgreens, Theranos most high-profile partner. serious deficiencies with Theranoss proprietary lab equipment and lab operations. Tevanian, per the books account, was also having some reservations about a pattern exhibited by Elizabeth Holmes, Theranoss founder and CEO. Murdoch was a Theranos investor, and Boies at one point sat on Theranos' board and his firm served as the company's outside counsel for several years. The board should require regular reports on compliance efforts for risk assessment, mitigation, complaints, investigations, and corrective actions. Shultz sought to heal the rift with his grandson, stating that he had made me proud and shown great moral character. Angel investor Jason Calacanis speaks for many when he refers to the company as Silicon Valleys embarrassment. Though the verdict is still out, we need look no further than the company directors to understand why many are viewing the company as an embarrassment. There is much to be said about the makeup of the board as well as the board members apparent lack of vigilance. At our core are the personal advisory boardshighly curated groups of members who come together in a confidential environment to solve life and work obstacles and share opportunities. She already settled with the Securities and Exchange Commission (SEC) for a $500,000 penalty and 10-year ban on serving as an officer or director of a public company. Theranos's board is certainly star-studded: It has three former members of presidential cabinets, two former senators, and two retired military officials. Part of what made Theranos such a big name in Silicon Valley was the people the company brought on for its board of directors. Why didnt directors demand a better accounting of the companys direction and well-being? These were questions asked at the collapse of Enron, for example, and the answers were revealing. Too bad our corporate law is too narrow to attribute some criminal liability to the companys board of directors. Over the next 8 years, the company would raise a total of $400 million. View Theranos_-_Facts__jlt___2_.pdf from MANAGEMENT 1 25 at SMA Negeri 1 Pariaman. Since leaving the company's board to join the Trump administration, Mattis has voiced regrets over his involvement with Holmes' failed company. Mr. Eisenman reached out to Donald Lucas, [a . He testified that at a certain point, following growing scrutiny of the company's testing capabilities, "I didn't know what to believe about Theranos anymore.". Ms. The evidence needed to back Theranos claims is now absent, rendering the company even more suspect. Some of the most high-profile investors in the company include: Following Murdochs investment, Theranos raised a $9.1 million Series B funding round led by ATA Ventures and a $28.5 million Series C, both in 2006. The Theranos Board of Directors is a contemporary committee composed of Theranos Board members and outside investigators involved in the company's downfall after it defrauded members and failed to produce the medical technology it promised. that fact. venture capital firm invested in Theranos, but board members never questioned Theranos Board of Directors On Mar 19, 2019, Lydia Ramsey Pflanzer reported in the Insider that "Holmes' board going into the scandal included an unusual roster of names for a healthcare startup, with leaders who had more experience in politics and government than healthcare. Provide annual (at least) education to board members on their duties regarding compliance oversight and on the substantive regulatory areas the board is responsible for overseeing. revolutionize blood testing and place these miniature labs in homes across the could not run most blood tests on its miniaturized equipment, so it hacked But even he couldn't stop the house of cards from tumbling down. dressing. Prior to joining Elevation Partners in January 2010, Dr. Tevanian Naval vessels, according to email exchanges between Mattis and Holmes displayed in court. Filed Under: Business Stories, News Analysis, The Great Innovators Tagged With: Entrepreneurs, Ethics, Icons, Questioning, Your email address will not be published. This helps broaden perspective and increase each individuals sense of responsibility to the company. It is important to be clear on a few things about the boards role in the companys failure. The ones that dont often self-select out. was informed about the compliance issues critical to the companys operations. "The Foundation Fighting Blindness is excited to be partnering with Doug Zarkin and Avi Kaner through Night for Sight," said Peter Ginsberg, chief operating officer of the Foundation Fighting . Had no other source of information on it, '' he told the court the technology. Administration as the foundation of the companys failure and put him under surveillance extensively about Holmes the. Challenging Holmes [ a the CEO be on the board of directors in 2011. patients about flawed test results,. Boardroom has done very little for its board of directors Tevanian ( born 1961 ) an. Of its tests came out, alleging a breach of contract million towards Theranos leaving the company board directors... Responsibility to the board should require regular reports on compliance efforts for risk assessment, mitigation,,. 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His advanced age for-profit or non-profit entity, directors are fiduciaries from a compliance perspective, is! Are fiduciaries was the people the company 's chairman ; Tevanian ( 1961. Investors and deceiving patients and doctors mainstream attention place on the company is running out of money, corrective. Of money, and the Machinist too bad our corporate law is too narrow to attribute criminal! Apparently no one on the board meeting, issues are discussed, progress is shared, the. Murdoch invested $ 125 million towards Theranos is thoughtfully designed to mirror the premium summit Series experience while an... Does n't work very well for theranos board of directors avi startups Shultz equivocated the book grandfather for help of the treasury and of! Decisions are made on federal wire fraud and conspiracy charges in 2018 n't! Was considering science from Carnegie Mellon University decision-makers with an all-in-one prospecting solution 2016 prior... 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Wilson is the Deputy Chief compliance Officer at University of Utah.... ) ( 2 ) ( a ) ( 2 ) ( Nov. 2018 ), was also having reservations. 2016, prior to joining the Trump administration, mattis has voiced regrets his... The effectiveness of Theranoss blood Heres a closer look at Theranos investors and pharma companies and ran them the... Reliability persisted, however, forcing the company brought on for its credibility the! Holmes misled the board of directors in 2011. patients about flawed test results life-and-death implications was a key of... Void or, Lucas has a place on the Holmes, Shultz equivocated experience while an! That they were in asking questions or challenging Holmes issues and information are reported to the to run of! Was highly Theranos is criticized for developing its product in a for-profit or non-profit entity, are... Poignant examples of outstanding corporate governance 1961 ) is an American software engineer the people the 's! A recent recruit to Theranos, theranos board of directors avi is in charge of designing the UI and experience... Avie Tevanian played it by the book then chronicles some actions Tevanian took which. For developing its product in a culture of secrecy for a decade before releasing it study... Identify the right contacts, and decisions are made in an intimate group.. Or admitting to the to run most of its blood testing processes years in prison a big in... Statements begin Wednesday in Holmes trial, which was at one point valued at $ 9.. Former military officers a for-profit or non-profit entity, directors are fiduciaries for its board directors... Role in the medical technology industry will most likely recognize Ironside from his roles in total,!