Apollo Endosurgery (NSDQ:APEN) announced today that Charles (Chas) McKhann will become its new CEO and join its board of directors.
Current CEO Todd Newton will help facilitate the transition process and agreed to serve as a consultant to the company for up to six months following McKhann’s hire, which becomes effective on March 1, according to a news release.
Newton led the company from the CEO position for more than six years, helping to reposition Apollo’s product portfolio as the company has garnered FDA pre-market approval for the Orbera intragastric balloon, OverStitch Sx endoscopic suturing system and X-Tack endoscopic helix tacking system.
“We are pleased to announce Chas’ appointment, and we want to thank Todd for his excellent stewardship,” Apollo chairman John Barr said in the release. “While Todd’s achievements are many, his leadership during the COVID-19 pandemic has been particularly notable. In the past year, Todd’s timely decision making has resulted in a leaner company, with a materially stronger balance sheet. He has built a robust foundation for the next stage of Apollo’s growth.
“On a path to profitability, driven by continued strong sales of OverStitch and Orbera, and with the recent approval and upcoming full commercial launch of X-Tack, we felt the time was appropriate to transition to a new leader.”
McKhann joins as a veteran of the medtech industry, having held positions at Boston Scientific and Johnson & Johnson, while with the latter of which he played a role in the launch of the first drug-eluting stent, the Cypher.
“We are excited to have a proven executive like Chas join Apollo and to lead our management team,” Barr added. “The launch of X-Tack represents a potential inflection point in the growth of the company. Chas brings a great depth of experience in successfully commercializing new technologies including securing reimbursement and building strong, supporting medical economics cases.”
“This is an exciting time for Apollo,” McKhann said. “As an innovative company with truly game-changing technology, we have the potential to revolutionize gastrointestinal procedures and the management of obesity, improving the lives of millions of patients with GI and bariatric conditions. We have extraordinary opportunities to continue to accelerate the expansion of our product franchises globally.
“I am honored to lead Apollo and the management team as we execute our strategy of delivering life-changing technology to our patients and generating profitable growth for our company.”
