- Push-out Score determined
- After almost eight years in the position
- Praise for Hoffman
- Drew Hykes taking over
- Hoffman spoke at length and said 139 words
(exechange) — Irvine, California, August 3, 2022 — Bill Hoffman, chief executive of Inari, leaves. As announced by Inari Medical Inc. in a news release and in a regulatory filing published on Wednesday, August 3, 2022, William (Bill) Hoffman leaves his post as chief executive officer at the medical device company, after almost eight years in the role, effective December 31, 2022.
Bill Hoffman’s duties as CEO will be taken over by Andrew (Drew) Hykes, currently Chief Operating Officer at Inari Medical Inc.
“Next phase of growth”
Inari did not give an explicit reason for Bill Hoffman’s departure from the CEO post. Bill Hoffman said: “[Drew’s] leadership style and his skill set could not be better suited to the complexities that our next phase of growth will require.”
Precise information regarding Bill Hoffman’s future plans was not immediately available.
“Resign”
Inari said: “Chief Operating Officer Drew Hykes will succeed Bill Hoffman as Chief Executive Officer, effective January 1, 2023. Mr. Hykes will join Inari’s Board of Directors and Mr. Hoffman will also continue to serve on the Board.”
Inari further said: “On August 1, 2022, William Hoffman notified Inari Medical, Inc. (the “Company”) of his decision to resign as Chief Executive Officer and President of the Company, effective as of December 31, 2022.”
Share price increase since June 2020
The announcement follows an increase in Inari Medical Inc.’s share price of 69% since June 2020.
In the position of CEO since 2015
Bill Hoffman became CEO of the Company in 2015.
William Hoffman has served as the Company’s Chief Executive Officer and President and as a member of the Company’s Board since February 2015.
Hoffman previously served as Chief Executive Officer at Visualase, Inc., a private company focusing on MRI-guided lasers, from May 2008 until its acquisition by Medtronic PLC, or Medtronic, in July 2014.
Prior to this, Hoffman was the Chief Operating Officer of Rubicor Medical, Inc., a private company focusing on minimally invasive breast biopsy and lumpectomy technology, from April 2006 to November 2007.
From July 2003 to February 2006, Hoffman served as Director of Sales and then the Vice President of Sales at FoxHollow Technologies, Inc, a private and later, a public company that makes medical devices used to treat peripheral artery disease.
Hoffman received a B.A. from Dickinson College.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Bill Hoffman’s move on a scale of 0 to 10.
exechange reached out to Inari and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2022 ($).