SonoSite Announces Two Senior Management Appointments Aimed at Driving Top-Line Execution and Margin Expansion
June 29 2011 - 6:30AM
Business Wire
SonoSite, Inc. (NASDAQ:SONO), the world leader and
specialist in bedside and point-of-care ultrasound, today announced
the appointment of Jack Sparacio as Chief Operating Officer and
Matthew C. Damron as Global Chief Marketing Officer. The two
management appointments are keyed off of the company’s goals, over
the next three years, of 15% compounded revenue growth and 20%
operating margins.
Mr. Jack Sparacio is a seasoned medical device executive with
over 30 years of experience in healthcare. He previously served as
the President, CEO, and Owner of Plastic Engineering and
Development (PED) Company, a custom manufacturer of plastic
components and medical devices for healthcare and bio science
markets. Under his leadership, the company tripled its sales
revenue and EBITDA during his tenure. Additionally, Mr. Sparacio
was an executive in the ultrasound industry, serving as the
Worldwide Vice President of Sales and Service at Advanced
Technology Laboratories (ATL), SonoSite’s former parent company.
Mr. Sparacio was also previously the President and CEO of IMED, an
intravenous infusion therapy system company, and Lang
Manufacturing, a local private company from the Seattle area.
“I am privileged and excited to join SonoSite, as I have closely
followed the company’s growth and success as an investor,” said Mr.
Sparacio. “SonoSite has had a tremendous growth trajectory, and my
mission is to continue to improve execution and relentlessly drive
operating margins as we further scale the business. I look forward
to increasing my SonoSite investment.”
“Jack is a key part of our plans for growth and margin
improvement,” said Kevin M. Goodwin, SonoSite’s President and CEO.
“He is a results-oriented individual with a strong track record of
success, and his expertise will be applied with a mandate to
achieve 20% operating margins by 2014.”
The company also simultaneously appointed Mr. Matthew Damron as
the Global Chief Marketing Officer. He joins the company from
TBWA/Chiat/Day, a world leading communications agency known for
executing highly creative and successful work for clients such as
Apple, Energizer, and Nissan. At TBWA, Mr. Damron led the
WorldHealth division and the global account for Johnson &
Johnson, the Alexian Brothers Hospital System, and Schering Plough.
Prior to TBWA, he held positions of increasing responsibility and
impact at Madison Direct Marketing, Nexgenix, and McCann
Erickson.
“SonoSite is a high-potential company with outstanding market
opportunities, and I look forward to pursuing aggressive goals of
growth, while enabling healthcare improvement,” said Mr. Damron.
“There is currently a big need that exists in medicine to improve
patient safety across multiple clinical applications, and my
mission will be to elevate SonoSite’s brand and drive greater
physician awareness and access to point-of-care ultrasound.”
“Matt’s appointment is timely, given the upcoming launch of our
new product portfolio and three-year plan,” said Mr. Goodwin. “His
experience and perspective is being added to drive global execution
of our marketing strategy at the highest level, which will increase
top-line growth.”
Mr. Goodwin continued, “These are critical appointments for
SonoSite and, most importantly, both moves are funded by organic
savings. Thus, we are adding management strength without additional
operating expenses. As we move into the second half of 2011, we
expect to step up our marketing execution and also immediately
improve operating efficiency as I anticipate both gentlemen will
hit the ground running.”
As part of their compensation packages, Mr. Sparacio and
Mr. Damron were each granted 30,000 options to purchase the
company’s stock. Mr. Sparacio also received a grant of 30,000
restricted stock units in the company’s stock, and Mr. Damron
received a grant of 25,000 restricted stock units.
The stock options and restricted stock units (the “Inducement
Awards”) were granted pursuant to the employment inducement
exception to the NASDAQ rules requiring shareholder approval of
equity awards, and will be subject to the same terms and conditions
that apply to awards granted under the company’s 2005 Amended and
Restated Stock Incentive Plan. The Inducement Awards become
effective on the date that the company files an SEC Form S-8 for
the grants (the “Effective Date”). The options granted as part of
the Inducement Awards will have a per-share exercise price equal to
the closing sales price of the Company's common stock on the
Effective Date as reported by the NASDAQ Global Select Market and
will expire in 7 years.
About SonoSite
SonoSite, Inc. (www.sonosite.com) is the innovator and world
leader in bedside and point-of-care ultrasound and an industry
leader in ultra high-frequency micro-ultrasound technology and
impedance cardiography equipment. Headquartered near Seattle, the
company is represented by ten subsidiaries and a global
distribution network in over 100 countries. SonoSite’s small,
lightweight systems are expanding the use of ultrasound across the
clinical spectrum by cost-effectively bringing high-performance
ultrasound to the point of patient care.
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