Top execs retire as LivaNova retools, adds COO role

LivaNova (NSDQ:LIVN) said today that it’s retooling its organizational structure, adding a chief operating officer role and announcing the retirement of a pair of top executives.

London-based LivaNova, which was formed by the merger of Sorin Group and Cyberonics last year, said cardiac rhythm management president Stefano Di Lullo and cardiac surgery president Michel Darnaud are retiring in connection with the move. Di Lullo stepped down effective immediately; Darnaud  plans to leave during the 1st quarter of 2017, the company said.

“I wish to personally thank both of these executives for their considerable contributions and leadership over the years in helping to build and establish two of LivaNova’s critical business units,” CEO André-Michel Ballester said in prepared remarks.

“The addition of a COO will allow me the opportunity to focus on LivaNova’s strategic business imperatives and critical stakeholders while developing and ensuring strong management fundamentals and alignment for future growth,’ Ballester said. “LivaNova’s new COO will be responsible for driving innovative product development, commercialization and geographic expansion across the global organization with a focus on margin expansion and profitable growth. In executing this organizational model, we are creating new leadership positions with defined geographic accountability to help propel and support LivaNova’s market-focused franchises.”

Last month, the FDA warned of the risk of a type of bacterial infection posed by the comapny’s Stӧckert 3T heater-cooler. In January the federal safety watchdog approved LivaNova’s Perceval sutureless replacement heart valve.

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