Sirtex slides on sales veep’s exit

SirTex Medical saw share prices fall as much as 7.2% to trade at $21.36 (AUD $28.10), the lowest it’s been in 9 months, after announcing today that its Americas prez Mike Mangano is set to leave at the end of the financial year.

SirTex stock has lost 24.4% this year as of Thursday’s close, and is the biggest percentage loser on the ASX AII AUS 200.

Mangano is slated to leave the Australian company after more than 6 years as Americas region prez to “explore new challenges in his career,” according to a press release from the company.

SirTex said it will search for a suitable candidate to replace Magano, expecting to complete the process prior to the end of its 2016 fiscal year.

“Mike has done a tremendous job building and growing our Americas business, which has seen revenues more than triple from US$35 million to US$113 million between financial years 2010 and 2015. We now have over 100 employees in the Americas region, with a strong depth of talent across all functional areas of the business,” CEO Gilman Wong said in a press release.

After Mike joined Sirtex in 2010, revenues for the company’s Americas operations rose $113 million in 2015, from $35 million in 2010.

“During the coming months, Mike will be working closely with me and Sirtex management to effect a smooth and positive transition in the business. Our core America’s Senior Management team has over 60 years of medical device experience between them. Accordingly, we are confident the very robust operating structure we have established under Mike’s leadership will continue to deliver positive long term growth in dose sales. We wish Mike the best in his future endeavors and truly appreciate his years of dedicated service,” CEO Wong said in a prepared statement.

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