Encision drops hard following death of CEO

September 3, 2013 by Arezu Sarvestani

Colorado medical device maker Encision announces the death of CEO Fred Perner, 59, who passed away from a heart attack last week; Wall Street sends ECIA shares down 17%.

Encision drops hard following death of CEO

Encision Inc. (PINK:ECIA) CEO Fred Perner died suddenly last week at the age of 59 from an apparent heart attack, the company announced this week. He had been at the helm of the Boulder, Colo.-based surgical devices company since 2011 and had spent more than 30 years in the healthcare industry.

"Fred's leadership, energy, and vision that he dedicated to helping save patients' lives will be severely missed," executive chairman Dr. Pat Pace said in prepared remarks. "Fred had a vast knowledge of the medical device field, as well as friends and colleagues across the healthcare universe who were always eager to work with him. Our thoughts and prayers are with his wife and children."

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Starting today Pace will move up to executive chairman of the board of directors in order to help "maintain continuity in the oversight of the Chief Executive Officer's functions," according to a company statement.

Wall Street didn't react well to the news, sending ECIA shares down 17.3% by about 12:45 p.m. today, when shares were going for about 91¢ apiece.