NMT Medical, Inc. (NMT Medical), a cardiovascular devices company, has appointed Frank Martin as president and chief executive officer (CEO) permanently. Martin had been appointed interim president and CEO upon the retirement of John E. Ahern in February 2009. In addition, the company announced that James E. Lock, M.D. will not stand for re-election as a director at the annual meeting scheduled for June 4, 2009.
Lock will continue to work with the Company as an unpaid advisor on NMT Medical’s newly formed scientific advisory board. As a result, NMT Medical will reduce the number of seats on its board to five.
NMT Medical’s Chairman of the board James J. Mahoney said, “The Board would like to thank Jim for his eight years of distinguished leadership while serving as a director at NMT. We have greatly benefited from his expertise and the outstanding contributions he has made to our Company. We will miss his valuable insights as a Board member, but look forward to continuing to work with him while he plays a leadership role on our scientific advisory board.”
Lock added, “I remain deeply committed to the success of NMT. In the current regulatory climate, it has become more important to distance myself from any material conflict of interest associated with my role as an inventor of the CardioSEAL(R), STARFlex(R), and BioSTAR(R) devices, and my role on the NMT Board. This fact, plus my confidence in the leadership of Frank Martin, Rick Davis, Jim Mahoney, and the rest of the NMT Board, has led me to decide not to run for re-election.”
Commenting on Frank Martin’s appointment, Mahoney said, “We determined that Frank is the right person to lead NMT at this time. Frank exudes every quality we were looking for in our executive search, most importantly a strong background in sales and marketing and an impressive track record of success in heading-up interventional cardiology companies and divisions over many years. He is an exceptional leader who has been working closely with the Company since joining the Board in 2001. We are delighted that he accepted the longer-term leadership position at NMT.”
Martin said, “When I was appointed to the role of interim president and CEO, I initially expected to help find a qualified candidate and then return to my previous responsibilities on the Board and elsewhere. Now that I am more deeply involved in the day-to-day operations of the Company, working with Rick Davis and the rest of the management team, it has become clear that my background and knowledge of the industry will be beneficial to NMT at this time.”
“Keeping the Company’s best interest in mind, I have excused myself from other future commitments I had in order to maintain my focus on NMT. I look forward to advancing NMT to the next stage of growth as we transition from a company with a research and development and clinical regulatory emphasis to one more focused on sales and marketing, particularly for our lead product, BioSTAR(R). We look forward to speaking with investors in greater detail on our quarterly results conference call scheduled for May 5, 2009,” concluded Martin.