HeartWare International Inc. (NSDQ:HTWR) will promote director Raymond Larkin Jr. to chairman of its board effective July 1.
Larkin, who joined the Framingham, Mass.-based company’s board in October 2008, will succeed Robert Thomas, who has been chairman since November 2004. Thomas will continue to be a member of HeartWare’s board.
“[Thomas] was instrumental in the company’s initial public offering in Australia, which paved the way for our listing on NASDAQ last year," CEO Doug Godshall said in a prepared statement. HeartWare is listed under the HIN symbol on the Australian stock exchange.
Thomas, who is Australian, said, "As HeartWare is now domiciled in the U.S., and our common stock successfully listed on NASDAQ, it is an appropriate time to transition Board leadership to the U.S," according to the statement.
HeartWare develops miniaturized circulatory support technologies for the treatment of advanced heart failure. Its board now includes, in addition to Larkin and Thomas, Timothy Barberich, Christine Bennett, Doug Godshall, Seth Harrison, Robert Stockman and Denis Wade.
HeartWare continued along the road to profitability during the first quarter. The company reported sales of $10.7 million during the three months ended March 31, up 624.2 percent compared with $1.5 million during the same period last year. Net losses were $4.5 million, or 35 cents per share, compared with $6.2 million, or 70 cents per share, during Q1 2009.