SurModics Announces New Board Chair
March 06 2015 - 8:00AM
Business Wire
SurModics, Inc. (Nasdaq:SRDX), a leading provider of surface
modification and in vitro diagnostic technologies to the healthcare
industries, today announced that Susan E. Knight, a member of the
board since 2008, will assume the position of board chair,
effective immediately. She replaces Scott R. Ward, who has
resigned, as has board member Timothy S. Nelson. As reconstituted,
the board now consists of six members, five of whom are
independent. There are also three vacancies on the board. The board
may seek to fill one or more of these vacancies based on its
determination regarding the appropriate size of the board, its
needs relative to the Company’s operations and strategy, and other
factors.
Said Knight, “I’m pleased to take on the role of board chair and
look forward to working even more closely with the strong SurModics
management team and the other board members. The company has a
solid strategy in place to drive growth in our core businesses,
while transforming the business through key initiatives, such as
the SurModics SurVeil drug-coated balloon.”
Ward and Nelson resigned over a disagreement regarding how to
optimize the working relationship between the Board and the
Company’s Chief Executive Officer. “We appreciate the service of
Scott and Tim and wish them well,” Knight continued.
Knight is the former senior vice president and chief financial
officer of Minneapolis-based MTS Systems Corporation (Nasdaq:
MTSC), a leading global supplier of test systems and industrial
position sensors, a position she held from 2011 until her
retirement at the end of 2014. She had been vice president and CFO
at MTS since 2001. Prior to MTS, she worked in various positions at
Honeywell, Inc. from 1977 to 2001, last serving as the chief
financial officer of the global Home and Building Controls
division. Knight also was on the board of Plato Learning, Inc. from
2006 until that public company was sold in 2010. She currently sits
on the board of the Greater Metropolitan Housing Corporation, in
addition to SurModics.
Said Gary Maharaj, SurModics CEO, “I’ve worked with Sue for more
than four years and have found her to be a strategic business
leader with deep expertise in growth-oriented international
operations. She has many years of experience working for public
companies and serving on public company boards. Sue will be a great
leader for the board moving forward.”
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements.
Statements that are not historical or current facts, including
statements about beliefs and expectations, such as, those regarding
the Company’s strategies for growth and transformation are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, and important factors could cause
actual results to differ materially from those anticipated,
including the factors identified under “Risk Factors” in Part I,
Item 1A of our Annual Report on Form 10-K for the fiscal year ended
September 30, 2014, and updated in our subsequent reports filed
with the SEC. These reports are available in the Investors section
of our website at www.surmodics.com and at the SEC website at
www.sec.gov. Forward-looking statements speak only as of the date
they are made, and we undertake no obligation to update them in
light of new information or future events.
About SurModics, Inc.
SurModics partners with the world's leading and emerging medical
device, diagnostic and life sciences companies to develop and
commercialize innovative products designed to improve lives by
enabling the detection and treatment of disease. Our mission is to
be a trusted partner to our customers by providing the most
advanced surface modification technologies and in vitro diagnostic
chemical components that help enhance the well-being of patients.
The company’s core offerings include surface modification coating
technologies that impart lubricity, prohealing and biocompatibility
characteristics and components for in vitro diagnostic test kits
and microarrays. SurModics’ strategy is to build on the product and
technical leadership within these fields, and expand the core
offerings to generate opportunities for longer term sustained
growth. SurModics is headquartered in Eden Prairie, Minnesota. For
more information about the Company, visit www.surmodics.com. The
content of SurModics’ website is not part of this press release or
part of any filings that the Company makes with the SEC.
SurModics, Inc.Andy LaFrence, 952-500-7000Vice President of
Finance and Chief Financial Officerir@surmodics.com
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