King’s departure will be made effective on Jan. 12, 2021, while Coyle will join as president & CEO and as a member of the board of directors on the same date. King will remain on iRhythm’s board and as an advisor to the business, according to a news release.
San Francisco-based iRhythm completed its IPO in 2016 under King’s leadership and, during his time in charge, grew its annual revenue from $5 million in 2011 to a projected $263 million in 2020.
“On behalf of iRhythm’s board of directors, I want to thank Kevin for his leadership and strategic contributions during his nine years at iRhythm,” rhythm chairman Abhijit Talwalkar said in the release. “During his tenure, Kevin created and led the company’s strategic initiatives to redefine how cardiac arrhythmias are diagnosed and treated, built a strong management team and created tremendous value for multiple stakeholders since its pre-IPO period.
“Kevin’s vision and focused execution have enabled the company to meaningfully deepen its presence while expanding the market. We are delighted that he will continue his role as a board member and for a period of time as an advisor. We look forward to his continued contributions through the next phase of iRhythm’s growth.”
King added that the company’s succession planning has been thorough, despite the difficult timing of a transition for the CEO position.
“I am extremely proud of all that we have accomplished, particularly the culture and team that we have built at iRhythm and the impact we have had with our Zio Service on the lives of more than three million patients,” King said. “Our business outlook remains very strong with substantial opportunity for continued growth and expansion. I am confident that under Mike’s leadership, iRhythm will continue to drive meaningful growth while delivering operational excellence.”
Coyle takes over having served as an executive officer at Medtronic from 2009 through this year. During that time, he held the role of EVPand group president for the medtech giant’s cardiovascular group. He will officially depart Medtronic on Dec. 31, 2020.
Before joining Medtronic, Coyle offered consulting services to private equity, venture capital and medical device technology firms from 2007 to 2009, having previously served as a divisional president at St. Jude Medical. Before that, he held multiple positions at Eli Lilly.
“This is an exciting time in iRhythm’s history, and I am grateful for the opportunity to build on the strong foundation and lead such an amazing company,” Coyle said. “Cardiac arrhythmias in general, and atrial fibrillation in particular, are dangerous and significantly underdiagnosed conditions among patients worldwide. iRhythm’s highly innovative Zio platform, as well as its leadership position in AI-enabled arrhythmia detection, can significantly improve how these patients are identified so they can receive the treatment that they need.
“I look forward to working with this talented and well-established team to build on the tremendous growth opportunities that lie ahead.”
Medtronic confirmed in a news release that EVP and president of its diabetes business Sean Salmon will take over Coyle’s role in the cardiovascular business on Jan. 1, 2021, while still leading the diabetes unit.