Additionally, according to a news release, on Jan. 22, Inogen’s board appointed Shabshab to serve as a Class II director of the company, effective Feb. 8, too. His term will expire at the annual meeting of stockholders to be held in 2022.
Shabshab is set to succeed former CEO Scott Wilkinson, who announced his upcoming retirement as president, CEO and director in June. Wilkinson’s retirement is effective Feb. 8.
A veteran of the industry, Shabshab most recently served as worldwide president of diabetes care & digital health at Becton Dickinson since August 2017. Before that, from 2011, he was BD’s chief marketing officer and executive VP of strategic planning.
Prior to BD, Shabshab was executive VP, global portfolio, chief marketing officer and head of RD&E at Diversey, a cleaning and sanitation solutions company. Other roles included principal with the Zyman Group, VP of client solutions and consulting with Symphony IRI and more with Warner Lambert/Pfizer, Coca-Cola and Fronterra.
Shabshab’s employment agreement provides for an annual base salary of $650,000 and a target annual bonus opportunity of 85% of his base salary and a cash sign-on bonus of $1.7 million.
Needham analyst Mike Matson said that analysts expect Shabshab to “make progress” with Inogen’s nascent turnaround effort which they believe is focused on its DTC rental business. Matson expects a gradual impact to the company’s overall sales while maintaining a “hold” rating, rather than buy or sell.