By Robb M. Stewart
Canadian medical-device company Titan Medical said Monday that it has made sweeping changes to its executive team in a further effort to cut costs, including appointing Chairman Paul Cataford to the additional post of interim president and chief executive.
Titan said Cary Vance will step down as president and CEO effective Thursday, though he will remain on the company’s board.
Chief Financial Officer Stephen Lemieux will transition to a consulting role and be succeeded as CFO by Chien Huang, Titan’s vice president of finance, the company said.
General Counsel, Corporate Secretary and Vice President of Legal Jasminder Brar, Operations and Manufacturing Vice President Bill Fahey and Director of Human Resources Nate Jones will also take on consulting roles.
The moves come after Titan said it approved a strategic transition in its business from the development and commercialization of robotic-assisted surgery technologies to evaluating new opportunities to develop and license its intellectual property. A deal was agreed last week by Titan to grant Intuitive Surgical a nonexclusive license to all of Titan’s intellectual property, with the exception of IP exclusively licensed to another party under a deal agreed in mid-2020.
Titan said it would continue to review and evaluate further strategic alternatives for its business, including a possible sale, merger or other business combination.
Write to Robb M. Stewart at [email protected]
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