GI Dynamics (ASX:GID) said it’s replacing Stuart Randle as CEO with Michael Dale, the former chief at ATS Medical until its 2010 acquisition by Medtronic (NYSE:MDT).
Randle will stay on as a member of the GI Dynamics board and act as a consultant during the transition, according to a press release.
“On behalf of the entire GI Dynamics organization, I want to thank Stu for his significant contributions to the company over the last decade,” chairman Jack Meyer said in prepared remarks. “Stu was instrumental in securing the CE Mark for EndoBarrier, gaining Food & Drug Administration approval for initiating the pivotal clinical study for EndoBarrier in the United States and successfully completing critical financings, including the company’s initial public offering on the Australian Securities Exchange. We appreciate Stu’s leadership through these important milestones and his continued support during this CEO transition period.”
Dale led ATS Medical as chairman, president & CEO from 2002 until Medtronic acquired it in 2010 for $370 million. He had the corner office at Helical Solutions and also worked at Endocardial Solutions, Cyberonics (NSDQ:CYBX), St. Jude Medical (NYSE:STJ) and Edwards Lifesciences (NYSE:EW).
“Mike is an exceptional leader with an impressive track record in the medical device sector,” Randle said in a statement. “Building GI Dynamics has been an incredible journey over the last 10 years, and we are fortunate to have a leader of Mike’s caliber to drive the future success of the company. I look forward to making this a seamless transition for him and the rest of our organization.”
“I am delighted and honored by the opportunity to lead GI Dynamics,” Dale added. “When every stakeholder stands to benefit in meaningful ways from the application of a better solution to a significant problem, you have the basis for a great business. With the focus on better treatment of Type 2 diabetes and obesity, I believe GI Dynamics offers this potential. The growing body of clinical evidence in support of EndoBarrier is compelling and provides a strong foundation upon which to build. I look forward to working with the management team and the Board to develop the strategies required to fulfill our business purpose.”
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