St. Jude Medical Announces Organizational and Executive Leadership Changes
St. Jude Medical (NYSE: STJ), a global medical device company, today announced organizational and leadership changes designed to improve growth. The company will integrate its two operating divisions into one integrated research and development organization, and will combine manufacturing and supply chain operations worldwide. Commenting on the announcement, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, "One reason 2013 was such a successful year for us was that we streamlined our organization, improved productivity, and reduced costs through organizational changes we announced in August 2012. The changes we announced today will help us build on that success to further leverage our scale, align on our highest priorities and improve execution of our long-term growth program." To help the company navigate through these significant operational changes, Michael Rousseau, previously group president of St. Jude Medical, has been promoted to chief operating officer. Rousseau will now oversee sales, marketing, quality, technology development, operations and supply chain on a global basis. Eric Fain, previously president, Implantable Electronic Systems Division (IESD), has been promoted to group president of St. Jude Medical and will now oversee all clinical, regulatory and research and development activities across the company. Over the next several months, Fain will lead the integration of IESD and the Cardiovascular and Ablation Technologies Division (CATD) into one cohesive St. Jude Medical research and development organization. In addition, the company announced three new officers. Scott Thome is being promoted to the newly created position of vice president, global operations and supply chain; Lisa Andrade has been promoted to chief marketing officer; and Jeff Dallager has been promoted to vice president, corporate controller.
St. Jude Medical also announced today that Frank Callaghan, previously president, CATD, has decided to retire. Callaghan has been an integral part of the St. Jude Medical leadership team since joining St. Jude Medical in 2005 as part of the Endocardial Solutions acquisition. He will remain an advisor to the company through 2014. "Frank has led the implementation of numerous technology programs within our business and has been instrumental in driving our growth and reputation as an industry leader in the cardiovascular market. St. Jude Medical sincerely thanks him for his strong leadership and wishes him a wonderful transition into retirement," said Starks. About St. Jude Medical St. Jude Medical is a global medical device manufacturer dedicated to transforming the treatment of some of the world's most expensive, epidemic diseases. The company does this by developing cost-effective medical technologies that save and improve lives of patients around the world. Headquartered in St. Paul, Minn., St. Jude Medical has four major clinical focus areas that include cardiac rhythm management, atrial fibrillation, cardiovascular and neuromodulation. For more information, please visit sjm.com or follow us on Twitter @SJM_Media. Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include the expectations, plans and prospects for the Company, including potential clinical successes, anticipated regulatory approvals and future product launches, and projected revenues, margins, earnings and market shares. The statements made by the Company are based upon management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company's control and the risk factors and other cautionary statements described in the Company's filings with the SEC, including those described in the Risk Factors and Cautionary Statements sections of the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2012 and Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2013. The Company does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.
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