Thoratec Chief Quitting

Thoratec (THOR Quote - Cramer on THOR - Stock Picks) said CEO D. Keith Grossman would step down after a transition period to pursue professional interests.

The Pleasanton, Calif., heart disease product company said Grossman has served as CEO for nearly 10 years and will work closely with the board to lead the search for his successor. He also plans to continue serving as a director.

"Thoratec has never been better positioned, based on its market leadership, solid financial condition, revenue growth acceleration and deep and talented management team," Grossman said. "The company's strong market position is clearly evident in our development efforts for next generation products, such as the HeartMate II-which is currently undergoing what I believe to be the most exciting clinical trial in our industry. It is for these reasons that I am comfortable initiating this professional transition now."

On Tuesday, Thoratec slipped 11 cents to $16.27.