As Carl Byers steps off the stage to fulfill his dream of living overseas, Athenahealth Inc. (NSDQ:ATHN) officially named his replacement: medical devices veteran Timothy Adams, who will step in as the company’s new CFO.
Byers, who helped take the Watertown, Mass.-based electronic healthcare records company from its early start-up days through an initial public offering and finally to profitability, cited “a family goal to live abroad” as his primary reason for leaving the firm.
Byers announced his resignation in June, 2009.
Adams is a veteran of the medical device industry, most recently with Constitution Medical Investors Inc., a healthcare-focused private investment firm founded in partnership with Warburg Pincus and Keystone Dental, according to a press release.
Prior to his stint at Constitution Medical, Adams had a brief, five-month tenure as CFO at Boston orthopedic device maker Orthofix International NV (NSDQ:OFIX). No reason was publicly revealed for his quick departure by Orthofix or Adams, who also served as CFO of Cytyc Corp. when it was bought by Hologic Corp. (NSDQ:HOLX) for $6.2 billion in 2007.
Athenahealth, which will soon report its year-end results, experienced a tremendous amount of growth in 2009. For the nine-month period ended Sept. 30, Athenahealth increased sales to $137.5 million, compared to $92 million during the same period in 2008 — a nearly 50 percent jump.