IRadimed CEO Roger Susi leaves his post

  • Push-out Score determined
  • After 15 years in the position
  • Accolades for Susi
  • Leslie McDonnell taking over
  • Susi will remain as Chairman and Chief Technology Officer at IRadimed
  • Susi said 101 words

(exechange) — Winter Springs, Florida, July 29, 2019 — Roger Susi, chief executive of IRadimed, leaves his position. As announced by IRadimed Corp. in a news release and in a regulatory filing published on Monday, July 29, 2019, Roger Susi leaves his post as Chief Executive Officer at the pioneer in non-magnetic MRI compatible products after 15 years in the role, effective August 19, 2019.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.4 years, according to data compiled by exechange. Only 27 percent of the CEOs who departed over the past 12 months left their position after more than 10 years.

Roger Susi’s duties as CEO will be taken over by Leslie McDonnell, most recently Vice President and General Manager of the Newborn Care business unit of Natus Medical.

The fact that Roger Susi’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

“Next growth phase”

A reason for Roger Susi’s departure from the CEO post was not explicitly provided. Susi said: “After a rigorous selection process, the Board and I believe that Leslie is the perfect person to lead the company through our next growth phase.”

Susi will remain as Chairman and Chief Technology Officer at IRadimed

“Mr. Susi will remain highly engaged with the company by continuing as its Chairman and in the new position of Chief Technology Officer,” IRadimed said.

“Step down/resign”

IRadimed said: “Mr. Susi will step down as President and CEO on August 19, 2019 after leading the Company since its founding 27 ago.”

IRadimed further said: “Ms. McDonnell succeeds Roger Susi, who will resign as President and Chief Executive Officer effective August 19, 2019 and will continue as the Company’s Chief Technology Officer effective as of August 20, 2019.”

Share price decline

The announcement follows a decline in IRadimed Corporation’s share price of 46% since October 2018.

In the position of CEO since 2004

Roger Susi became CEO of the Company in August 2004.

Susi is the founder of the Company and has served as the Company’s Chief Executive Officer and President and a director from inception.

He has over 35 years of management experience in the medical device industry, including as a founder, Chairman and Chief Executive Officer of Invivo Research Inc., a medical device company and the predecessor to Invivo Corporation, which established MRI-safe patient monitoring.

Susi served as a director of Invivo Corporation from 1998 through 2000 and as President of Invivo Research Inc. from 1979 through 1998.

Susi is a biomedical engineer and received a B.S. in Biomedical Engineering from Case Western Reserve University in 1977.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.

exechange reached out to IRadimed and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 31.2019 ($).