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TheStreet Open House

Stereotaxis CEO Michael Kaminski Steps Down; Board Chairman William Mills III To Serve As Interim CEO

Stocks in this article: STXS

ST. LOUIS, March 5, 2013 (GLOBE NEWSWIRE) -- Stereotaxis, Inc. (Nasdaq:STXS) announced today that Michael Kaminski will step down as President and Chief Executive Officer, effective April 12, 2013, to accept a position as division president of a company in an unrelated field. The Stereotaxis Board has appointed Chairman William Mills III as interim CEO and created an interim Office of the Chief Executive, with Director Dr. Euan Thomson providing support and guidance in certain areas to ensure a seamless transition to new company leadership. Augmenting this office will be a senior executive committee representing the Company's business segments. The Board will immediately retain an executive search firm to assist in conducting a comprehensive search for a successor.

Mr. Kaminski, who will remain as an advisor to the Company through October 2014, said, "While this was a difficult personal decision, the timing was right for me and my family to pursue a new, exciting endeavor. I have treasured the opportunity to work alongside some of the brightest minds in the industry who have responded to the needs of the market with unique, transformative solutions. The Company is taking the correct steps toward profitability, while keeping innovation and clinical adoption as priorities, and I believe is on its way to establishing the standard of care for interventional procedures throughout the world."

Mr. Kaminski, who joined the Company in 2002 as Chief Operating Officer, was appointed President and COO in 2007, and then Chief Executive Officer in January 2009. During his four years as CEO, the Company greatly expanded the commercialization of its technology platform, generated double-digit revenue growth and improved operating loss by over 74%.

"Mike has provided critical, visionary leadership during the Company's emergence from innovator to major commercial player in the electrophysiology market," said Mr. Mills. "He has been one of the strongest champions of our technology's contribution to medicine, and the Board and I thank him for all of his efforts in driving business improvements while advancing the Company's industry-leading capabilities."

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