NuVasive Appoints New Chief Financial Officer and Announces Additional Management Updates
November 06 2009 - 7:30AM
PR Newswire (US)
SAN DIEGO, Nov. 6 /PRNewswire-FirstCall/ -- NuVasive, Inc.
(NASDAQ:NUVA), a medical device company focused on developing
products for minimally disruptive surgical treatments for the
spine, announced today the appointment of Michael J. Lambert as
Executive Vice President and Chief Financial Officer, effective
November 9, 2009. The Company also announced several other
Executive Management Team updates. "Michael will be an excellent
complement to the NuVasive family," said Alex Lukianov, Chairman
and Chief Executive Officer of NuVasive. "He has proven himself to
be a strong financial leader, including experience as the Chief
Financial Officer of a medical device company with over $1 billion
in revenue. Michael's background has afforded him a wealth of
experience in information technology and operations, which will be
extremely valuable as we evolve into a much larger, yet still
dynamic growth company." Mr. Lambert has been the Chief Financial
Officer and held other key financial positions at other public
companies. Most recently he was the Chief Financial Officer of
Advanced Medical Optics, a medical device company focused on
technologies used by eye care professionals. As the financial
leader of a global organization, he developed in-depth operational
expertise and critical analytical skills. Mr. Lambert will succeed
Kevin O'Boyle, who has served as the Chief Financial Officer of
NuVasive since the company went public in 2004. Mr. O'Boyle will
actively assist Mr. Lambert's transition into his new role through
the end of the year. NuVasive continues to strategically evolve its
organizational structure in anticipation of becoming a worldwide
leader in innovative spine surgery. Central to the creation of
NuVasive's global infrastructure is a leadership team capable of
driving the Company toward its long-term financial and strategic
goals. To that end, NuVasive also announced the following
management updates, each effective January 1, 2010: -- Patrick
Miles will be promoted to President of the Americas, and will
report to Keith Valentine, President and Chief Operating Officer.
Mr. Miles will oversee NuVasive's global creative product portfolio
including marketing and development, clinical research, surgeon
education, and sales for the Americas. Since 2001, Mr. Miles has
devoted considerable energy and vision to leading the development
and marketing efforts that have helped make NuVasive the unique and
results-oriented spine company it is today. -- Jeffrey Rydin will
be promoted to Executive Vice President of Sales, Americas. Mr.
Rydin will assume direct sales responsibility for the entire
Americas' sales force. He also will serve as Chairman of our newly
formed Global Sales Executive Committee designed to ensure that
NuVasive's global sales and marketing strategy is carried out to
maximize results. Mr. Rydin has made enormous contributions to our
top line growth since joining NuVasive from Johnson & Johnson
four years ago. -- Jason Hannon will be promoted to Executive Vice
President and General Counsel. Mr. Hannon will continue to be
responsible for strategic planning, business development, and
legal. His role will expand to include government affairs and
broader administrative influence. Since joining NuVasive from
private practice, Mr. Hannon has successfully taken on increasing
responsibility and operational influence. NuVasive is focused on
expanding internationally and has added Executive Vice Presidents
for both Asia and Europe that will report to Keith Valentine,
President and Chief Operating Officer: -- Takaaki Tanaka has been
appointed Executive Vice President of Asia Pacific. Mr. Tanaka will
drive sales and strategic business initiatives in the Asia Pacific
region, working from Tokyo, Japan. Mr. Tanaka joins NuVasive with a
track-record of success in driving revenue and market share gains
in the Asia Pacific region, having led the Medtronic Spinal,
Biologics and Navigation Divisions to the #1 market share spot for
the Asia Pacific region. He brings to NuVasive a wealth of
experience in dealing with the unique dynamics of the Asia Pacific
region. -- Stephan Siemers has been appointed Executive Vice
President of Europe. Mr. Siemers will spearhead NuVasive's European
sales and operations effort from Bremen, Germany. Stephan joins
NuVasive following over fifteen years with Johnson & Johnson,
where he most recently served as President of their international
spine division. During his tenure, Mr. Siemers successfully
reorganized the German sales and marketing structure, and was
responsible for Europe, Middle East, Africa, Asia Pacific, Latin
America, and Canada. His division enjoyed the largest and most
consistent sales growth for the entire organization. Alex Lukianov,
Chairman and Chief Executive Officer, said, "As we increase focus
on becoming the #4 global spine company and growing to a $1 billion
spine franchise, we need a strong management team with the ambition
and experience to drive the growth of operations and exemplify
NuVasive's culture of Absolute Responsiveness and product
innovation. I am excited to announce these additions to the depth
and strategic composition of our senior management team. I look
forward to working with this well-qualified leadership team to
achieve our goals at Cheetah Speed." About NuVasive NuVasive is a
medical device company focused on the design, development, and
marketing of products for the surgical treatment of spine
disorders. The Company's product portfolio is focused primarily on
the $4.6 billion U.S. spine implant market. Additionally, the
Company has expanded into the $1.5 billion global biologics market,
the $1.5 billion international market, and is developing products
for the emerging motion preservation market. NuVasive's principal
product offering is based on its Maximum Access Surgery, or MAS®
platform. The MAS platform combines four categories of products
that collectively minimize soft tissue disruption during spine
surgery with maximum visualization and safe, easy reproducibility
for the surgeon: NeuroVision®, a proprietary software-driven nerve
avoidance system; MaXcess®, a unique split-blade retractor system;
a wide variety of specialized implants; and several biologic fusion
enhancers. MAS significantly reduces surgery time and returns
patients to activities of daily living much faster than
conventional approaches. Having redefined spine surgery with the
MAS platform's lateral approach, known as eXtreme Lateral Interbody
Fusion, or XLIF®, NuVasive has built an entire spine franchise.
With nearly 50 products today spanning lumbar, thoracic and
cervical applications, the Company will continue to expand and
evolve its offering predicated on its R&D focus and dedication
to outstanding service levels supported by a culture of Absolute
Responsiveness®. For more information about NuVasive, go to
http://www.nuvasive.com/ NuVasive cautions you that statements
included in this press release that are not a description of
historical facts are forward-looking statements that involve risks,
uncertainties, assumptions and other factors which, if they do not
materialize or prove correct, could cause NuVasive's results to
differ materially from historical results or those expressed or
implied by such forward-looking statements. The potential risks and
uncertainties that could cause actual growth and results to differ
materially include, but are not limited to: the uncertain process
of seeking regulatory approval or clearance for NuVasive's products
or devices, including risks that such process could be
significantly delayed; the possibility that the FDA may require
significant changes to NuVasive's products or clinical studies; the
risk that products may not perform as intended and may therefore
not achieve commercial success; the risk that competitors may
develop superior products or may have a greater market position
enabling more successful commercialization; the risk that
additional clinical data may call into question the benefits of
NuVasive's products to patients, hospitals and surgeons; and other
risks and uncertainties more fully described in NuVasive's press
releases and periodic filings with the Securities and Exchange
Commission. NuVasive's public filings with the Securities and
Exchange Commission are available at http://www.sec.gov/. NuVasive
assumes no obligation to update any forward-looking statement to
reflect events or circumstances arising after the date on which it
was made. Contact: Investors: Kevin C. O'Boyle Patrick F. Williams
EVP & Chief Financial Officer Vice President, Finance &
Investor NuVasive, Inc. Relations 858-909-1998 NuVasive, Inc.
858-638-5511 Media: Jason Rando The Ruth Group 646-536-7025
DATASOURCE: NuVasive, Inc. CONTACT: Kevin C. O'Boyle, EVP &
Chief Financial Officer, +1-858-909-1998, or Investors: Patrick F.
Williams, Vice President, Finance & Investor Relations,
+1-858-638-5511, both of NuVasive, Inc., ; or Media: Jason Rando,
The Ruth Group, +1-646-536-7025, Web Site: http://www.nuvasive.com/
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