Spectranetics Names Scott Drake President, Chief Executive

Date : 07/12/2011 @ 8:03AM
Source : Dow Jones News
Stock : Davita Inc. (DVA)
Quote : 60.53  0.0 (0.00%) @ 7:00AM

Spectranetics Names Scott Drake President, Chief Executive

The Spectranetics Corp. (MM) (NASDAQ:SPNC)
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Spectranetics Corp. (SPNC) named Scott Drake, a former DaVita Inc. (DVA) executive, as its president and chief executive, effective Aug. 10.

The medical-device maker's search began last November, when 61-year-old Emile J. Geisenheimer retired from the posts.

Drake was senior vice president of operations for DaVita, provider of kidney care and dialysis, where he was responsible for business operations that generated about 20% of the company's $6 billion in revenue.

"Scott has a proven track record of developing and leading efforts to accelerate revenue growth within businesses that are similar in size as well as much larger than Spectranetics," said Chairman R. John Fletcher. "Scott's leadership will be a great asset to the company as we work to expand our presence and capture the significant potential within our cardiovascular markets."

Spectranetics said in April its first-quarter loss narrowed as revenue rose 5%.

Shares closed at $6.76 Monday and were inactive premarket. The stock has gained 32% over the past year.

-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

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