Cogentix Medical (NSDQ:CGNT) said today it entered into a settlement agreement as a result of a proxy war through which its current board chair and CEO Robert Kill will resign, with COO Darin Hammers taking over as interim CEO.
Along with Kill’s resignation, board directors Kevin Roche and Ken Paulus will also step down, with Lewis Pell and James D’Orta joining the board.
“The company is grateful for the service and efforts of Mr. Kill, Mr. Roche and Mr. Paulus,” board member Dr. Cheryl Pegus said in a press release.
As part of the settlement agreement, the Minneapolis, Minn.-based company said its board will “use best efforts” to nominate 2 new outside, independent directors for its board. The company’s annual meeting is scheduled for today.
Last April, Cogentix said it was looking to uproot a Massachusetts manufacturing facility and move it from Natick to nearby Westborough.
The device company, re-branded after the merger of Vision-Sciences and Uroplasty, said it signed a 10½-year lease on a new, 24,400-square-foot facility in Westborough for its EndoSheath manufacturing operation. EndoSheath is a sterile, disposable protective barrier designed to work with its flexible endoscopes.
The post Cogentix accedes to proxy war, ousts CEO Kill appeared first on MassDevice.
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