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 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 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.
SOURCE NuVasive, Inc.
