Medtronic Inc.’s (NYSE:MDT) cardiology group yielded a new director for medical technology company SurModics Inc. (NSDQ:SRDX)
Scott Ward, a former Medtronic senior vice president and president of the company’s CardioVascular business, joined SurModics’ board, bringing its number to nine.
“Scott brings extensive healthcare experience and a history of strong leadership to the company’s board of directors,” said SurModics chairman Robert Buhrmaster in prepared remarks. "I am pleased to welcome Scott to our board and believe he will be a valuable addition to the SurModics team as we continue to pursue the exciting opportunities we have in front of us."
Medtronic confirmed in late May that the company would cut Ward’s business unit president position as it reorganized its cardiovascular division leaders under its new Cardiac and Vascular Group, according to the Star Tribune. At the time, he was to stay on as chairman of the Medtronic Foundation and to tie up loose ends on recent acquisitions.
Ward joined Medtronic in 1981 as a research technician and held positions in regulatory affairs, clinical research and new business development during his nearly three decades at the Fridley, Minn.-based, medical device giant.
The Medtronic shakeup began a year ago when the company said it would go outside for someone to oversee its cardiology products while reorganizing all of its business units under its ONE Medtronic effort.
Meanwhile, Eden Prairie, Minn.-based SurModics, was going through a shakeup of its own. Its CEO of five years, Bruce Barclay, left in June. SurModics’ earnings growth and stock price had deteriorated under Barclay’s tenure, despite his attempts to diversify the company’s core cardiovascular drug-delivery technologies.