Nordion Inc. (TSX: NDN) (NYSE: NDZ) today announced a strategic realignment of the business designed to focus on improving the execution of Nordion’s business strategy. The plan includes transitioning Nordion to a Business Unit model with two distinct Business Units: Targeted Therapies and Specialty Isotopes, each of which will be supported by centralized corporate functions. The Specialty Isotopes business will include two segments: Sterilization Technologies and Medical Isotopes.
The Company also announced the appointment of Jeff Brown, Chief Executive Officer and founding member of Brown Equity Partners, LLC, to its Board of Directors.
“The strategic realignment is designed to take into account the unique product life cycles and the needs of our customers in each of our businesses,” said Steve West, Chief Executive Officer, Nordion Inc. “The new organizational model is intended to allow for quicker decision making and provide the Nordion team with improved agility, clearer focus and direct leadership accountability to better serve our customers and build shareholder value.”
- Chief Operating Officer, Specialty Isotopes: Scott McIntosh, formerly Senior Vice-President of Operations, becomes the COO of Specialty Isotopes and will also assume the role of General Manager, Sterilization Technologies.
- General Manager, Medical Isotopes: Tom Burnett, formerly Vice-President of Global Sales becomes General Manager, Medical Isotopes, and will report into Mr. McIntosh.
- Chief Operating Officer, Targeted Therapies: Steve West, Chief Executive Officer of Nordion, will act as interim COO of Targeted Therapies as Nordion initiates an external search for a permanent leader.
The executive Sales and Marketing and Innovation roles are being absorbed into the Business Units. Accordingly, Kevin Brooks, Senior Vice-President of Sales and Marketing and Peter Covitz, Senior Vice-President of Innovation will be leaving the company after assisting with the organizational transition. Andrew Foti, Senior Vice President, General Counsel & Corporate Secretary, will be transitioning to the interim role of Special Counsel to the CEO.