Natus Medical Incorporated (NASDAQ: BABY)
announced today a significant refreshment of its board of directors
with the appointment of Alice D. Schroeder, former CEO and Chair of
WebTuner Corporation and Thomas J. Sullivan, President and CEO of
A&E Medical Corporation to its board of directors effective
February 11, 2019. The company will also nominate Ms. Schroeder and
Mr. Sullivan for election at Natus’ 2019 Annual Meeting of
Stockholders.
“We are pleased to welcome Alice and Tom as new
independent directors to the Natus board,” said Barbara R. Paul,
M.D., Chairperson of Natus' board of directors. “Their skills
and experience complement our current board members, strengthening
the board and company as we execute the ‘One Natus’ organizational
structure and refine our overall strategy. Natus leadership is
focused on enhancing value for our customers, employees and
stockholders - this expanded board brings experienced and diverse
voices to help drive that value.”
Natus is committed to regular evaluation of its
board composition and is committed to regular board refreshment,
and with these director additions, five of its seven independent
directors will have joined the Natus board in the past three years.
These actions are part of Natus’ ongoing board refreshment process
on behalf of stockholders designed to build a board with the best
mix of skills, expertise and experience to support the Natus
management team in stockholder value creation. In addition, the
company is committed to de-staggering the board, and will place a
proposal to de-stagger the board before the Natus stockholders at
the 2019 Annual Meeting of Stockholders of Natus and will request
that the Natus stockholders approve the de-staggering of the Natus
board.
Natus’ other independent directors consist of
Barbara R. Paul, M.D., former Chief Medical Officer of Community
Health Systems, Robert Gunst, former President and CEO of The Good
Guys, Inc., Joshua Levine, President and CEO of Accuray,
Incorporated, Kenneth Ludlum, former CFO of CareDx, Inc., and Lisa
Wipperman-Heine, President & CEO of PreCardia, Inc.
Robert Gunst has advised the board that he will
not stand for re-election at the 2019 Annual Meeting of
Shareholders. Bob has served on the Natus board of directors since
2004, and as our Chairman from 2004 until July, 2018. We thank him
for his service and the contributions he has made to the success
and growth of the Company over his 15-year tenure. Following Mr.
Gunst's retirement, the Natus board will be composed of seven
directors, six of whom are independent.
About Alice D. Schroeder
Alice Schroeder serves on the boards of Quorum
Health Corporation and Prudential plc. She chairs the Quorum Health
audit and compliance committee and serves on its nominating and
governance committee. She also serves on the Prudential audit
committee and on its risk committee. From February 2016 until
December 2018, Ms. Schroeder chaired Bank of America Merrill Lynch
International's (“BAMLI”) audit committee and served on its
governance committee.
Ms. Schroeder was CEO and chair from 2014-2017
of WebTuner Corp., a Seattle-area software developer, though its
turnaround and exit through sale in May 2017. Formerly, she was a
Managing Director in the equities division of Morgan Stanley,
leading the global insurance research team, and before that at
PaineWebber and CIBC Oppenheimer, spending nearly two decades on
Wall Street. She began her career as a CPA with Ernst & Young
and spent two years as a project manager at the Financial
Accounting Standards Board, overseeing the issuance of several key
accounting standards for the insurance industry.
Ms. Schroeder is author of the #1 New York Times
and Wall Street Journal Bestseller The Snowball: Warren Buffett and
the Business of Life.
About Thomas J. Sullivan
Tom Sullivan has served as President and CEO of
A&E Medical Corporation since 2018. From 2011 to 2018, Mr.
Sullivan served as President and CEO of two public companies:
Symmetry Surgical, Inc., a medical device company serving the Neuro
and General Surgery markets, and its predecessor, Symmetry Medical,
Inc., a leading global contract manufacturer of surgical
instruments, sterilization cases and trays, and orthopedic
implants. Prior to joining Symmetry Medical in 2011, Mr. Sullivan
was President, Supply Chain & Business Processes, Johnson &
Johnson Health Care Systems Inc.; President of Depuy Orthopeadics,
Inc., a Johnson & Johnson Company; and President of Johnson
& Johnson Medical Products Canada. Mr. Sullivan began his
career at Johnson & Johnson in 1990 in the areas of strategic
planning and operations. Mr. Sullivan graduated as a Palmer Scholar
from The Wharton School in 1991 where he earned an MBA in Strategic
Management and Management Information Systems. He also holds a
Bachelor of Science degree in Computer Science and Applied
Mathematics from the University of Pittsburgh.
Forward-Looking Statements
This press release contains forward-looking
statements, which are generally statements that are not historical
facts. Forward-looking statements can be identified by the words
“expects,” “anticipates,” “believes,” “intends,” “estimates,”
“plans,” “will,” “outlook” and similar expressions. Forward-looking
statements are based on management's current plans, estimates,
assumptions and projections, and speak only as of the date they are
made. These forward-looking statements include, without limitation,
statements regarding strengthening the board and the company, and
enhancing value for our customers, employees and stockholders.
These statements relate to current estimates and assumptions of our
board and management as of the date of this press release and
involve known and unknown risks, uncertainties and other factors
that may cause actual results, levels of activity, performance, or
achievements to differ materially from those expressed or implied
by the forward-looking statements. Forward-looking statements are
only predictions and the actual events or results may differ
materially. Natus cannot provide any assurance that its future
results or the results implied by the forward-looking statements
will meet expectations. The company's future results could differ
materially due to a number of factors, including the ability of the
company to realize the anticipated benefits from the ‘One Natus’
structure or from its consolidation strategy, effects of
competition, the company's ability to successfully integrate and
achieve its profitability goals from recent acquisitions, the
demand for Natus products and services, the impact of adverse
global economic conditions and changing governmental regulations,
including foreign exchange rate changes, on the company's target
markets, the company's ability to expand its sales in international
markets, the company's ability to maintain current sales levels in
a mature domestic market, the company's ability to control costs,
risks associated with bringing new products to market, and the
company's ability to fulfill product orders on a timely basis, as
well as those factors identified under the heading Item 1A “Risk
Factors” in the company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2017. Natus disclaims any obligation to
update information contained in any forward looking statement,
except as required by law.
About Natus Medical
Incorporated
Natus is a leading provider of medical devices
and services used for the screening, treatment and monitoring of
common medical conditions in newborn care, hearing, balance
impairment, neurological dysfunction, neurosurgery and sleep
disorders.
Additional information about Natus Medical
Incorporated can be found at www.natus.com.
CONTACTS:Natus Medical IncorporatedDrew
DaviesExecutive Vice President and Chief Financial Officer(925)
223-6700InvestorRelations@Natus.com
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