- After around 17 years in the position
- Praise and thanks for Yared
- Search for a successor
- Yared spoke at length and said 186 words
(exechange) — Minneapolis, Minnesota, January 8, 2024 — Nadim Yared, chief executive of CVRx, is set to leave his position. As announced by CVRx Inc. in a news release and in a regulatory filing published on Monday, January 8, 2024, Nadim Yared will leave his post as chief executive officer at the commercial-stage medical device company, after around 17 years in the role, effective following the selection and appointment of his successor.
It is the end of an era.
CVRx will undertake a search for a successor.
“Drive future commercial growth”
CVRx did not give an explicit reason for Nadim Yared’s planned departure from the CEO post. Yared stated: “Based on the Company’s strong position, excellent leadership team, consistent execution of our strategy over the last two years, and the opportunity that lies in front of us, the Company is well-positioned to attract a high-caliber CEO who can continue to execute on our strategic plans and drive future commercial growth.”
Precise information regarding Nadim Yared’s future plans was not immediately available.
“Retire”
CVRx said: “President and Chief Executive Officer, Nadim Yared, has informed the Board of Directors of his plans to retire following the selection and appointment of his successor.”
Share price increase since January 2023
The announcement follows an increase in CVRx Inc.’s share price of 58% since January 2023.
In the position of CEO since 2006
Nadim Yared became CEO of the Company in 2006.
Nadim Yared has served as the Company’s President and Chief Executive Officer, and as a director on the Board, since October 2006.
Yared previously served as Vice President and General Manager of Medtronic Navigation, a supplier of integrated image-guided surgery products, from 2002 to 2006.
He also worked at GE Medical for ten years, where he was Vice President of Global Marketing for OEC Medical Systems, Inc. and Vice President and General Manager of General Electric Company’s European x-ray business based in Paris.
Yared serves on the boards of directors of AdvaMed, Lightpoint Medical, MeaCor, the Medical Device Innovation Consortium (“MDIC”), NanoWear, Inc. and North American Science Associates, Inc. (“NAMSA”).
In addition, Yared is currently the Chairman of the board of directors of NAMSA and has recently served as Chairman of the boards of directors of AdvaMed and MDIC.
Yared received an M.B.A. from INSEAD, France and an engineering degree from Ecole Nationale Supérieure des Télécommunications.
186 words by Nadim Yared
In the release announcing his planned departure as CEO of CVRx Inc., Nadim Yared received praise and thanks.
In announcing his departure, Nadim Yared spoke at length and said 186 words.
“Another fantastic year”
Nadim Yared stated: “2023 was another fantastic year for CVRx. We continued to drive the adoption and utilization of Barostim, evidenced by the 97% increase in U.S. heart failure revenue. In addition, we announced several positive catalysts during the year, including the recently announced expansion of Barostim labeling as well as CMS’ OPPS ruling to reassign Barostim to a new APC code, which we believe will facilitate increased access to the therapy for Medicare patients with heart failure by offering facilities sufficient reimbursement for the procedure… As we look to 2024, we are very excited about the prospects for the Company and the expanded penetration of Barostim. Based on the Company’s strong position, excellent leadership team, consistent execution of our strategy over the last two years, and the opportunity that lies in front of us, the Company is well-positioned to attract a high-caliber CEO who can continue to execute on our strategic plans and drive future commercial growth. My 17 years as CEO of CVRx have been an incredible experience and honor, and I look forward to continuing to serve the Company and support the Board throughout this transition.”
Push-out Score for Nadim Yared’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Nadim Yared’s move on a scale of 0 to 10.
Read the full story in the exechange report 3.2024 ($).