Angeion Corporation (NASDAQ: ANGN) today announced that Rodney Young, CEO of Angeion since 2004, is stepping down as CEO, but will continue as an Angeion director and a consultant to the company. The company also announced that its board of directors has implemented its succession plan, naming medical industry executive and Angeion board member, Philip (Phil) Smith, 43, president and chief executive officer to succeed Young. Young will remain with Angeion through a transition period to December 31, 2010 at which time Smith will assume the CEO position.
“After six years of leading the company, Rod has decided to step down as CEO, but he has agreed to assist in the CEO transition, serve as a consultant to the company and to continue as a Board member,” said Mark Sheffert, chairman of the board. “During Rod’s tenure, he successfully led the company’s growth and development of its Medical Graphics and New Leaf businesses. Additionally, under his direction the company established an important international presence—opening an office in Milan, Italy, expanded its network of distribution partners, and launched a range of new products. We thank Rod for his contributions and commitment to Angeion and look forward to his continued service as a member of the Board and consultant.”
Young said, “I am honored to have served as the CEO of Angeion and look forward to the next phase of my career. Since Phil joined our board, we have always viewed him as a viable succession candidate. He already has established a close working relationship with the senior management team, and gained an in-depth knowledge of our industry and customers. Phil and I will work closely to ensure a smooth transition.”
Sheffert continued, “With Rod’s decision to step down, we are fortunate to have a qualified and experienced successor within our Board. Phil brings a deep background in the medical industry and his public and private company leadership and finance background make him an ideal CEO candidate.”