The board of AngioDynamics ($ANGO) has named Joseph DeVivo, who was most recently global president of Smith & Nephew Orthopedics, as the company's president and CEO, effective Sept. 7. DeVivo succeeds Scott Solano, who was named interim CEO in June following Jan Keltjens' resignation. Keltjens decided to leave after the medical instruments maker reported flat sales for the fiscal year and lower Q4 net sales of approximately $56.4 million versus $60.3 million a year earlier. Solano will return to his role as AngioDynamics' senior VP and chief technology officer.
While at Smith & Nephew, DeVivo led the company's $2 billion global orthopedics business to strong growth in part through emerging market penetration in China, India and Russia, according to an AngioDynamics statement. Prior to serving at Smith & Nephew, DeVivo was president and CEO of RITA Medical Systems, which AngioDynamics acquired in 2006.
In a statement, DeVivo emphasizes his enthusiasm about joining the AngioDynamics team. "Among the strengths that I see are the very promising NanoKnife System, a robust R&D pipeline with differentiated products, a strong presence in two key and growing markets, vascular and oncology, a strong balance sheet and significant resources that can be invested to expand growth opportunities and shareholder returns," he says.
Canaccord Genuity called the move "an excellent hire" and should "deliver material upside" for the company, the Albany Times Union notes.
According to an SEC filing, DeVivo's base salary will be $555,000.
- get the AngioDynamics release
- check out the Albany Times Union report