Sector News

Sorin And Cyberonics Announce Executive Leadership Team For The New Company

May 15, 2015
Life sciences
/PRNewswire/ – Sorin S.p.A.,, a global medical device company and a leader in the treatment of cardiovascular diseases, and Cyberonics, Inc., a medical device company with core expertise in neuromodulation, today announced the Executive Leadership Team for the new company effective at the close of the proposed merger.
 
André-Michel Ballester, Sorin’s Chief Executive Officer, will serve as the new company’s Chief Executive Officer, and Dan Moore, Cyberonics’ Chief Executive Officer, will be the non-executive Chairman.
 
The new company will be organized into three business units and an Intercontinental group, with the following leaders:
 
  • Michel Darnaud, Sorin’s President, Cardiac Surgery, will lead the Cardiac Surgery business unit.
  • Stefano Di Lullo, Sorin’s President, Cardiac Rhythm Management, will lead the Cardiac Rhythm Management business unit.
  • Rohan Hoare, Cyberonics’ Chief Operating Officer, will lead the Neuromodulation business unit.
  • Jacques Gutedel, Sorin’s Vice President, Intercontinental, will head the Intercontinental group.
 
The new company’s Executive Leadership Team will also include the following functional leaders:
 
  • Ed Andrle, Sorin’s Vice President, Strategy & Business Development, will manage Strategy, Business Development and New Ventures / Emerging Therapies.
  • Brian Sheridan, Sorin’s General Counsel, will serve as General Counsel for the combined organization.
  • Pritpal Shinmar, Sorin’s Vice President, Market Access, will be responsible for the Global Market Access function.
  • David Wise, Cyberonics’ Chief Administrative Officer, will lead the Human Resources and the Information Technology functions.
  • Sorin and Cyberonics have initiated a search for the Chief Financial Officer position of the combined company and expect to name the selected candidate before closing. Greg Browne, Cyberonics’ Chief Financial Officer, will serve as interim Chief Financial Officer for the new company, should the position not be filled prior to closing, and plans to retire in 2016.
  • Demetrio Mauro, Sorin’s Chief Financial Officer, will lead the overall integration as Chief Integration Officer to ensure the new company is fully operational on day one following closing. The role also calls for significant planning for the post-closing period, including achievement of previously announced synergies.
 
“Together, Sorin and Cyberonics are creating a new premier medical technology company, with a diverse product portfolio, scale across geographies and a focused innovation platform to leverage new promising market opportunities,” said André-Michel Ballester. “The announcement of our Executive Leadership Team marks an important milestone in the proposed merger of our companies. In the coming months the new Executive Leadership Team will continue its intensive integration planning effort to craft our future organization, and I am confident that this is the right team to execute our core strategies and to create significant value for our shareholders.”
 
Until the closing of the transaction, the respective companies will continue to operate under current leadership structures and as two separate companies. As previously announced, the transaction is expected to be completed by the end of the third calendar quarter of 2015 and is subject to approval by both Sorin and Cyberonics shareholders, the receipt of required regulatory clearances, and other customary closing conditions.
 
Source: Cyberonics

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