Angeion CEO Resigns After Five-Month Stint

Angeion CEO Philip Smith has resigned in a decision that the company said was "mutual" between Smith and its board of directors.

Angeion Corporation, a St. Paul-based medical device company, announced Wednesday that its CEO Philip Smith has resigned, less than five months after accepting the top position at the company.

Smith, who replaced Rodney Young on January 1, has also withdrawn his name for re-election as a director at the company.Gregg O. Lehman-who most recently served as president, CEO, and director of Health Fitness Corporation-has been named interim CEO at Angeion.

Angeion said in a statement that Smith's resignation was a “mutual” decision between him and the company's board of directors.

“Our board is considering options for filling the vacancy in our management team resulting from Mr. Smith's resignation and will promptly make a decision about these matters that will be publicly announced as soon as practicable,” Angeion Chairman Mark W. Sheffert said in a statement.

Smith has served as a board member at Angeion since 2007 and was previously CEO of Minnetonka-based start-up DGIMed before joining Angeion's executive team.

Smith held executive positions at several med-tech companies besides DGIMed, including Minnetonka-based Vital Images, a provider of visualization software used by medical specialists, and Image-Guided Neurologics-which develops technology for less invasive neurosurgery and is now a subsidiary of Fridley-based Medtronic, Inc.

In unrelated news, Angeion announced on Thursday that its second-quarter revenue totaled $6.8 million, which was nearly unchanged from last year. The company posted a net loss of $138,000, or 4 cents per share, for the quarter that ended April 30. The net loss was an improvement from last year's second-quarter net loss of $559,000, or 13 cents per share.

Angeion is one of Minnesota's largest public companies based on its revenue, which totaled $29 million in its 2010 fiscal year, which ended in October. The company develops, manufactures, and sells cardio-respiratory diagnostic systems.