Becton Dickinson made a surprising announcement today. From the press release:
David V. Elkins, 44, Executive Vice President and Chief Financial Officer, has informed the Company of his plans to pursue an entrepreneurial opportunity at Round Rock Research, LLC, a technology licensing company, serving as its CFO.
While my decision to leave was difficult, this new entrepreneurial opportunity is something that makes sense for me and my family. This will give me an opportunity to work with a long-time friend at Round Rock as its CFO and help the company execute its growth strategy.
Elkins received approximately $1.5 – $3 M per year in total compensation between 2009-2011 while at BD, including over half a million each year in salary and bonuses. Thus, getting Elkins interested enough to leave that security behind, in pursuit of an “entrepreneurial opportunity”, speaks highly of his interest in the Round Rock business model and the asset class generally. As the son of a former CFO, I remember first-hand how deliberate, conservative and calculating the bean-counter types tend to be, so bagging one from a Fortune 500 company sends a clear message about the financial future of IP-based business models.