AngioDynamics Inc. (NSDQ:ANGO) named Joseph DeVivo as its new top executive, effective Sept. 7, 2011.
DeVivo, 44, was formerly president of the orthopedic division of Smith & Nephew plc (NYSE:SNN), until he was cut loose in early August as the British orthopedic maker reshuffled the deck to concentrate on emerging markets in Brazil, Russia, India and China.
DeVivo will replace interim CEO Scott Solano at the Latham, N.Y.-based maker of the NanoKnife. Solano, the company’s chief technology officer, had been running the company since the former CEO Jan Keltjens resigned in early June, after the company reported fourth quarter sales that missed the mark.
Company officials said Solano will return to his former position. DeVivo will be nominated for the company’s board of directors at AngioDynamics’ next annual meeting.
AngioDynamics officials said DeVivo was a highly sought after candidate for the position.
“Joe has been our top choice since we began our search,” AngioDynamics chairman Vincent Bucci said in a prepared release. “Smith & Nephew recently reported that its orthopedic business had the fastest growth rate of all its business segments again during its most recent quarter while continuing to drive share. We are thrilled to have recruited the architect of this growth.”
DeVivo takes over a company coming out of a tough quarter that saw AngioDynamics record a $752,000 net loss during the three-month period ended on May 31, reversing a $3.7 million profit. For the year, profits dove 33 percent on relatively flat sales.
In addition, the company has also been under a spotlight for allegedly over-zealous marketing of its NanoKnife system. The FDA accused AngioDynamics of making statements on its website promoting the use of the device beyond its approved indications early this year.
The appointment will also be a sort of homecoming for DeVivo, who was the former CEO of RITA Medical Systems, which AngioDynamics purchased in 2006. Officials said RITA’s products have formed much of AngioDynamics’ oncology/surgery division.