MRI Interventions (OTC:MRIC) lured marketing executive Frank Grillo away from Intuitive Surgical (NSDQ:ISRG) to be its new president & CEO starting next month, the minimally invasive neurosurgery systems maker said today.
Former CEO Kimble Jenkins, who led the company since 2003, is slated to be named executive chairman Jan. 1, 2015, according to a press release. MRI Interventions makes the ClearPoint system, designed to facilitate minimally invasive brain procedures using hospitals’ existing MRI equipment.
Grillo is slated to assume the presidency at MRI Interventions Oct. 6 and to start in the corner office Jan. 1, according to the release. Grillo was vice president of marketing & new business development at Intuitive, which he joined after stints at Kyphon (acquired during his tenure by Medtronic (NYSE:MDT)) and Boston Scientific (NYSE:BSX), MRI Interventions said.
"I am delighted for Frank to be coming on as CEO of MRI Interventions," Jenkins said in prepared remarks. "Our objective with ClearPoint is to revolutionize minimally invasive neurosurgery. We have a proven product and a strong base of initial users. Our next phase of growth is focused on driving widespread commercialization, and Frank is the right person to lead the company through this stage and beyond. Frank’s capabilities and skills in this area are proven. His experiences driving adoption of new medical technologies at Intuitive Surgical, Kyphon and Boston Scientific make Frank an ideal fit for MRI Interventions. I look forward to working with him and supporting his leadership of the company.”
“The field of neurosurgery is one of the last major untapped markets in the medical field. Driven by the aging patient population, a significant unmet clinical need, and a surgical approach that is antiquated compared to surgical techniques in other fields of medicine, neurosurgery is the next big opportunity," Grillo added. "The ClearPoint platform is an innovative product, uniquely suited to transform this field. I believe that patients in need of a variety of neurosurgical procedures can benefit from the product platform developed by MRI Interventions. I am excited to apply what I have learned regarding the adoption of new medical technologies to transform the neurosurgery market with ClearPoint."
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