Angeion Corporation (NASDAQ: ANGN) today announced that it has restructured its Board of Directors and named two new directors as part of the August 18, 2010, agreement between Angeion and BlueLine Partners, LLC.
Mark W. Sheffert, Chairman and Chief Executive Officer of Manchester Companies, Inc., has been appointed to the board and elected to serve as its new chairman. Sheffert served as a chairman and a director of Medical Graphics Corporation from January 1997 to December 1999, when Medical Graphics Corporation was acquired by Angeion. He then served as a director of Angeion until late 2002.
Sheffert was recognized as one of Minnesota’s Outstanding Directors in 1999 and received the Outstanding Director – Lifetime Achievement Award in 2009 from the National Association of Corporate Directors and Twin Cities Business magazine for his service on over 40 Boards. He is a former President of First Bank System, Inc. (now U.S. Bank), and current head of Manchester, an investment banking and business advisory firm.
In addition, Robert Munzenrider has been elected as a director of the Company and will serve as chair of the board’s Audit Committee. Through a career that spans four decades, Munzenrider has served in a range of executive and financial leadership positions, including Vice President and Chief Financial Officer of St. Jude Medical, Inc., an international medical device manufacturer.
Munzenrider, also a former president of a subsidiary of Apogee Enterprises, has been a director of medical and healthcare companies including ATS Medical, Inc., Criticare Systems, Inc., and CABG Medical, Inc. He has held his CPA license since 1971.
The Company also announced that pursuant to the agreement with BlueLine, current directors, Scott A. Shuda, John Baudhuin, Philip I. Smith and Rodney A. Young, Angeion’s CEO, are continuing as members of the board of directors and the Board accepted the resignations of K. James Ehlen, M.D., former Chairman, and Paula Skjefte and John Penn, which were tendered as part of the agreement.