- Push-out Score determined
- After less than five months in the position
- Praise, thanks and good wishes for Coyle
- Doug Devine taking over in the interim
- Search for a successor
- Coyle said 113 words
(exechange) — San Francisco, California, June 1, 2021 — This news came the day after Memorial Day. Mike Coyle, chief executive of IRhythm, leaves. As announced by IRhythm Technologies Inc. in a news release and in a regulatory filing published on Tuesday, June 1, 2021, Michael J. (Mike) Coyle leaves his post as chief executive officer at the digital health care company after less than five months in the role, effective immediately.
IRhythm will undertake a search for a successor.
Mike Coyle’s duties as CEO will be taken over temporarily by Douglas J. (Doug) Devine, most recently Chief Financial Officer at IRhythm Technologies Inc., as interim Chief Executive Officer.
“Personal matters”
Mike Coyle’s departure from the CEO post is explained as follows. IRhythm said: “Mike Coyle has decided to resign from his position as President and Chief Executive Officer and a member of the Company’s Board of Directors, effective June 1, 2021, due to personal matters.”
Precise information regarding Mike Coyle’s future plans was not immediately available.
“Resigned”
IRhythm said: “On June 1, 2021, IRhythm Technologies, Inc. (the “Company”) announced that Michael J. Coyle had resigned from his position as President and Chief Executive of the Company and from its board of directors (the “Board”) for personal reasons, effective immediately.”
Share price decline since January 2021
The announcement follows a decline in IRhythm Technologies Inc.’s share price of 67% since January 2021. January 2021 is the month in which Coyle’s tenure as CEO began.
Chaired by Abhijit Talwalkar
Abhijit Talwalkar serves as IRhythm Technologies Inc.’s Chairman.
Abhijit Y. Talwalkar has served as a member and Chairman of the Company’s Board of Directors since May 2016. Talwalkar is the former President and Chief Executive Officer of LSI Corporation, a leading provider of silicon, systems and software technologies for the storage and networking markets, a position he held from May 2005 until the completion of LSI’s merger with Avago Technologies in May 2014.
In the position of CEO since 2021
Mike Coyle became CEO of the Company in 2021.
Coyle has agreed to support a well-ordered transition of his CEO responsibilities and will provide consulting services to IRhythm with a focus on reimbursement matters until a permanent CEO has been named.
Michael J. Coyle has served as the Company’s President and Chief Executive Officer since January 2021.
From December 2009 until December 2020, Coyle served in leadership positions at Medtronic, a global medical device company, including as Executive Vice President and President for the Cardiovascular Portfolio of Medtronic, Plc. since November 2020 and as Executive Vice President and Group President, Cardiac and Vascular Group of Medtronic, Plc. since January 2015 and of Medtronic, Inc. since December 2009.
Prior to that, Coyle served as President of the Cardiac Rhythm Management division at St. Jude Medical, Inc., an international medical device company, from 2001 to 2007, and prior positions included serving as President of St. Jude’s Daig Catheter division and numerous leadership positions at Eli Lilly & Company, a global pharmaceutical company.
Coyle received an M.B.A. from the Wharton School of Business at the University of Pennsylvania and a Bachelor of Science in Chemical Engineering from Case Western Reserve University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Mike Coyle’s move on a scale of 0 to 10.
exechange reached out to IRhythm and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2021 ($).