InfuSystem Holdings, Inc. Names Eric Steen Chief Executive Officer; Interim CEO Dilip Singh Stepping Down
InfuSystem Holdings, Inc. (NYSE MKT: INFU) (“InfuSystem” or the
“Company”), a leading national provider of infusion pumps and related
services for the U.S. healthcare industry, today announced its Board of
Directors has appointed Eric Steen, who has more than 30 years of
medical device and pharmaceutical industry experience, as Chief
Executive Officer, effective April 1, 2013.
Dilip Singh, who has served as the Company’s Interim CEO since April
2012, will step down from that position on the same date, while
continuing as a member of the Board.
“I am proud of the significant progress our InfuSystem team has achieved
on a number of important fronts, including a return to profitability,
improved operational performance, and strengthened financial footing,”
commented Singh. “I am equally delighted the Board has decided that Eric
is the right person to advance the Company’s next stage of strategic
growth and value creation, and look forward to a smooth transition.”
Eric Steen comes to InfuSystem with a wide range of leadership and
management-level experience in sales, marketing, business development,
operations, and finance. He previously served as President of Central
Admixture Pharmacy Services, turning a start-up into a successful $150
million pharmacy services organization with 25 locations. Concurrently,
Steen served as Chief Marketing Officer for B. Braun Medical Inc, a $1.5
billion organization that offers infusion therapy and pain management
products and services. Since February 2012, he has been Principal of
Eric K. Steen & Associates, a consulting business that provides services
to medical device and pharmaceutical companies, including InfuSystem.
“Eric Steen brings an accomplished record of success in the medical
device and healthcare services industries,” added InfuSystem Executive
Chairman Ryan Morris. “He has demonstrated time and again his ability to
drive profitable growth and create value, and is the ideal person to
lead InfuSystem through another period of sustained growth. The Board
would also like to express its profound thanks to Dilip, who joined us
at a critical juncture in the Company’s history. His vision and actions
over the past year have helped reaffirm our industry leadership role.”
Note
In connection with his appointment as the new Chief Executive Officer,
Mr. Steen will receive 700,000 inducement stock options outside the
Company's 2007 Stock Option Plan. Of these, 300,000 options will have an
exercise price of $1.75 and 400,000 options will have an exercise price
of $2.75. The options will be granted on April 1, 2013 and will vest
over a four-year period (25% on the first anniversary of the grant date
and pro rata monthly thereafter) and will expire in ten years.
About InfuSystem Holdings, Inc.
InfuSystem Holdings, Inc. is a leading provider of infusion pumps and
related services to hospitals, oncology practices and other alternate
site healthcare providers. Headquartered in Madison Heights, Michigan,
the Company delivers local, field-based customer support and also
operates Centers of Excellence in Michigan, Kansas, California, and
Ontario, Canada. The Company’s stock is traded on the NYSE MKT under the
symbol INFU.
Forward-Looking Statements
Certain matters discussed in this press release, other than statements
of historical fact, are forward-looking statements within the meaning of
the U.S. Securities Act of 1933, as amended, including any statement
that refers to expectations, projections or other characterizations of
future events or circumstances and those which can be identified by the
use of forward-looking terminology such as “expects,” “plans,” “may,”
“should,” “believes” or “anticipates” and other similar expressions.
These forward-looking statements involve known and unknown risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied, or otherwise predicted, by such
forward-looking statements. These risks and uncertainties include
general economic conditions, as well as other risks, detailed from
time-to-time in the Company’s publicly filed documents and in news
releases and other communications. The Company disclaims any intention
or duty to update any forward-looking statements made in this release.
Additional information about InfuSystem Holdings, Inc. is
available at www.infusystem.com.
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