AngioDynamics' CEO steps down after poor Q4 returns
Jan Keltjens has resigned as AngioDynamics' president, CEO and a member of its board of directors, and the company has already launched a search for his replacement.
Keltjens' resignation is effective immediately, and Scott Solano, AngioDynamics' senior vice president and chief technology officer, will serve as the company's interim CEO until the appointment of a new CEO, according to the Albany, N.Y.-based company.
"The board and Jan agree that now is an opportune time for a change in the leadership of AngioDynamics," said Vincent Bucci, chairman of the board. "The board believes that while AngioDynamics can and will become one of the faster growing companies in the medical device industry, we have underperformed in the recently-completed fiscal year."
While its oncology/surgery sales grew approximately 11 percent from fourth quarter 2010, the company reported a decline in vascular sales by approximately 13 percent. Also, while its international sales in the 2011 fourth quarter increased 28 percent from the prior year period, domestic sales declined 10 percent from the prior year period. Finally, AngioDynamics will record a one-time, non-cash charge in the fourth quarter of $4.2 million, reflecting the company's decision to discontinue the development of a product using technology licensed in 2006 from Medron.
"During our succession planning process, Scott indicated he would not like to be considered for the CEO position should it become available, but we are grateful for his willingness to serve in that capacity on an interim basis, and we fully expect that he will return to his CTO position with the appointment of the new CEO," Bucci added.
Before joining AngioDynamics, Solano served as president and CEO of Arterial Vascular Engineering, a company focused on cardiovascular stents, acquired by Medtronic in 1999 for $3.7 billion. Solano worked at Medtronic for more than seven years, primarily in the company's interventional vascular business.
Keltjens' resignation is effective immediately, and Scott Solano, AngioDynamics' senior vice president and chief technology officer, will serve as the company's interim CEO until the appointment of a new CEO, according to the Albany, N.Y.-based company.
"The board and Jan agree that now is an opportune time for a change in the leadership of AngioDynamics," said Vincent Bucci, chairman of the board. "The board believes that while AngioDynamics can and will become one of the faster growing companies in the medical device industry, we have underperformed in the recently-completed fiscal year."
While its oncology/surgery sales grew approximately 11 percent from fourth quarter 2010, the company reported a decline in vascular sales by approximately 13 percent. Also, while its international sales in the 2011 fourth quarter increased 28 percent from the prior year period, domestic sales declined 10 percent from the prior year period. Finally, AngioDynamics will record a one-time, non-cash charge in the fourth quarter of $4.2 million, reflecting the company's decision to discontinue the development of a product using technology licensed in 2006 from Medron.
"During our succession planning process, Scott indicated he would not like to be considered for the CEO position should it become available, but we are grateful for his willingness to serve in that capacity on an interim basis, and we fully expect that he will return to his CTO position with the appointment of the new CEO," Bucci added.
Before joining AngioDynamics, Solano served as president and CEO of Arterial Vascular Engineering, a company focused on cardiovascular stents, acquired by Medtronic in 1999 for $3.7 billion. Solano worked at Medtronic for more than seven years, primarily in the company's interventional vascular business.