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SurModics plans leadership, organizational changes

Fri, 03/05/2010 - 5:17am
The Associated Press

SurModics Inc., a medical technology company, has announced leadership and organizational changes it says will support growth and build on its pharmaceutical industry experience.

The Eden Prairie, Minn., company said it will be organized by functional expertise rather than by business units. It said a single sales and marketing organization will better meet customer needs, and product development groups also will be combined. The company said it remains committed to its key markets: cardiovascular, ophthalmology and diagnostics.

SurModics also announced on Thursday the promotion of several executives. Charlie Olson will become senior vice president for business development and marketing, and Brian Robey will be promoted to senior vice president of product development.

Olson had been vice president and general manager of the cardiovascular unit, while Robey had been vice president of product development and operations.

The company also said ophthalmology division president Paul Lopez and research vice president Lise Duran will leave.

SurModics expects to take a one-time restructuring charge of between $900,000 and $1.5 million in the second quarter of fiscal 2010. But the company said it expects to save between $500,000 and $1 million annually with these initiatives.

Its shares slipped 11 cents to $19.75 in morning trading Friday.

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