Sorin Group (BIT:SRN) and Cyberonics (NSDQ:CYBX) yesterday announced a new slate for the board of directors that will oversee the company after the expected close of their $1.4 billion merger in the 3rd quarter.
Last month the companies announced the management roster for the new entity, which is slated to unite global leaders in neuromodulation and cardiac surgery with a combined equity value of $2.7 billion.
Sorin CEO André-Michel Ballester is due to assume that role in the new company, with Cyberonics CEO Dan Moore as chairman. Yesterday Sorin and Cyberonics said the new board will consist of current Sorin chairman Rosario Bifulco; Cyberonics chairman Hugh Morrison; Cyberonics directors Alfred Novak and Arthur Rosenthal; Sorin director Massimo Tononi and former Sorin director Francesco Bianchi; and a 9th member to be jointly designated by Sorin and Cyberonics.
The companies are also looking for a new CFO, as Cyberonics finance chief Greg Browne plans to retire in 2016. If a new CFO isn’t found before closing the deal, Browne will stay on as interim CFO, they said. (Sorin CFO Demetrio Mauro was named chief integration officer.)
Michel Darnaud and Stefano Di Lullo, respectively the presidents of Sorin’s cardiac surgery and cardiac rhythm management segments, will continue to lead those businesses. Cyberonics COO Rohan Hoare was named to lead the neuromodulation unit and Sorin’s intercontinental vice president will lead that group, the according to a press release.
In late May, Sorin’s shareholders approved the merger. Cyberonics’ stock owners must still vote on the deal.
The merger won approval from U.S. anti-trust regulators in April. Sorin’s sales account for more than 60% of the combined entity’s total sales. Cyberonics had around $290 million in 2014 revenues, 1 production facilities and 650 employees, compared to Sorin’s sales of nearly $1 billion, 10 manufacturing sites and 3,900 workers.