Titan Medical (NSDQ:TMDI) announced that the company’s President & CEO, David McNally has stepped down from those roles.
McNally is no longer the robotic surgery company’s president & CEO and also resigned from Titan’s board of directors, effective Dec. 1, 2021, according to a news release. No reason was provided for his departure.
Toronto-based Titan Medical appointed Chair of the Board Paul Cataford as interim president & CEO, while Anthony J. Giovinazzo will assume the role of lead independent director of the Board. The Board plans to begin a search process in early 2022 to identify a permanent replacement for McNally in the CEO position.
“On behalf of the Board, I would like to thank David McNally for his service to the company; he has assembled a talented and capable management team and built a strong relationship with Medtronic,” Cataford said in the release. “I look forward to working closely with this team and Medtronic to execute near-term priorities, such as the completion of the final Medtronic milestone associated with the development and license agreement by year-end 2021. Additionally, Titan looks to secure additional funding in 2022, and to file the IDE application with the FDA, which upon receipt of approval would allow us to commence the clinical study for the Enos system.”
Cataford most recently served as CEO & Co-Founder of Zephyr Sleep Technologies and has also served on a number of public boards of directors, including at Sierra Wireless, Trakopolis IoT, SemiBioSys Genetics and AGJunction.
“We continue to be impressed with Titan’s strong fundamentals and look forward to starting clinical trials,” Cataford added. “With the development of the Enos robotic single access surgical system, we look to provide an enhanced experience for surgeons and patients in robotic-assisted surgery.”