Nugent, older brother to musician and gun-rights activist Ted Nugent, replaces CEO Hani Zeini and chairman Nicholas Simon, both of whom are slated to retain their seats on the board.
Nugent was the founder and CEO of Precision Dermatology, which was acquired by Valeant Pharmaceuticals (NYSE:VRX) last year. Last July he stepped down from the interim CEO role at Biolase (NSDQ:BIOL), after taking over from Federico Pignatelli, who was forced to retire after a feud with major stakeholder Oracle Partners.
Sientra last month put a temporary hold on U.S. sales of implants made by Brazilian contract manufacturer Silimed, after Brazilian regulator Anvisa and the U.K.’s Medicines & Healthcare Products Regulatory Agency had already suspended sales after contamination was detected during an audit of the company’s manufacturing practices. In late October Zeini said there’s no timeline on getting the implants back on the market.
“Jeff is a leader whose record shows a relentless focus on execution and high performance, and we are fortunate to have an executive of his caliber to take Sientra forward. Jeff’s decades of experience leading companies in the pharmaceuticals and medical device industry and intimate knowledge of the company make him uniquely qualified to lead Sientra at this critical juncture. As chairman & CEO, Jeff will undertake a full assessment of our business, review the progress of efforts to resume product distribution, carefully evaluate our manufacturing strategy and assess additional, complementary product opportunities. The board is confident that Jeff is the right person to restore Sientra’s momentum and ensure that Sientra is back on the right path to drive growth and shareholder value creation,” Simon said in prepared remarks.
“It has been an honor to lead our extraordinary team and to grow Sientra into the leading medical aesthetics company it is today. The company is at a key inflection point and the board and I agree that now that is the right time for new leadership. I am confident that Jeff and the management team will successfully lead Sientra through this chapter. I am a significant shareholder and look forward to my ongoing roles with the company as both advisor and director. Jeff has my full confidence and support as we move forward,” Zeini added.
“I am honored to take on the role of CEO during this important time for our company. While we must address the challenges facing the company, Sientra remains a great business. We have a strong brand value proposition, a base of loyal surgeons and unique and differentiated products. Our immediate priority is to resolve the outstanding regulatory questions, maximize our existing inventory and ensure a stable manufacturing process moving forward. I am committed to developing and executing a comprehensive plan to drive shareholder value and provide our surgeons and patients with Sientra’s high-quality breast implants as soon as possible. I look forward to working with Hani and the rest of the leadership team to position Sientra for future success,” Nugent said.
Sientra also said that general counsel, chief compliance officer & secretary Joel Smith resigned effective immediately.