Misonix CEO steps down
Misonix (NSDQ:MSON) CEO Michael McManus, Jr. stepped down in early September, also leaving his post as director and chairman of the board of directors. Stavros Vizirgianakis, a member of the board of directors, is serving as the interim CEO while negotiating for a full-time position in the corner office.
Vizirgiankis, who owned a South African distribution company that worked with Misonix in September 2010, has served on Misonix’s board since May 2013. He owns a 5.7% stake in the company.
“I am honored to be asked to serve as interim chief executive officer and am excited about the company’s products and future. The Misonix team will no doubt continue to put forth their best efforts to design, develop and manufacture cutting-edge technology for the medical device field,” Vizirgiankis said in prepared remarks.
“After 16 years as CEO, I retire with gratitude for the dedicated professionals who have contributed to the company’s innovation and growth, and with great confidence in the company’s future potential and the leadership of Stavros Vizirgianakis. I look forward to doing whatever I can to be helpful to him as he transitions to his new role,” McManus added.
The announcement comes just weeks after Misonix reached out to the Securities and Exchange Commission and the U.S. Department of Justice over possible issues with the Chinese distributor of its products and delayed its annual report, citing “deficiencies” in its internal financial reporting controls.
The company also recently named Joseph Dwyer as interim CFO, replacing Richard Zaremba, who was named senior finance VP.