NuVasive loses COO, CFO and promotes 3 executives amid organizational restructuring

Spinal Tech

NuVasive's President and COO Jason Hannon is stepping down from his role with NuVasive after 12 years and the company announced organizational restructuring which will take effect Aug. 1.


The company's CFO Quentin Blackford resigned, effective Aug. 25, in an unrelated matter to pursue an opportunity outside of the spine industry. The company reported his resignation wasn't the result of a dispute or disagreement, and independent board member Vickie Capps will provide guidance and support to NuVasive's financial organization during the transition period. The company is currently searching for the next CFO.


"With incredible opportunities ahead, we are taking steps to refine the company's operating structure to tightly align strategy, product development and marketing and integrate our global commercial channels, while scaling global operations to best address the growing needs of our partners and patients."


Mr. Hannon's departure accelerated NuVasive's timeline for implementing organizational change to meet strategic goals. The company plans to:


1. Align strategy, technology and marketing to enhance product development and commercialization capability.


2. Integrate the U.S. commercial and international sales functions into a scalable global commercial organization.


3. Make changes to global operations for more operational efficiencies of manufacturing, supply chain, information technology, regulatory affairs and quality assurance.


Along with the organizational restructuring, NuVasive made a number of leadership moves. The company's President of U.S. Commercial Matt Link was promoted to executive vice president, strategy, technology and corporate development, a newly created position; Executive Vice President, International Skip Kiil was named executive vice president of global commercial; and Vice President of Global Operations Steve Rozow became executive vice president of global process transformation.


"Since becoming CEO over two years ago, I have been working with our board to build a world-class leadership team to support our revenue growth and profitability goals," said Chairman and CEO Gregory Lucier. "Together we are executing against our five-year strategic plan and building a deep bench of talent positioning us well to execute against our short- and long-term initiatives. I remain more confident than ever in our company's position to take on the $1 billion in growth."


NuVasive reported better than expected second quarter revenue, increasing 10.3 percent year-over-year to $260.6 million. Mr. Lucier reported the company plans to launch new devices over the next few months and revenue is expected to hit $1 billion for the full year.


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