Angeion CEO to Step Down, Replacement Named
Angeion Corporation, a St. Paul-based medical device company, announced Monday that CEO Rodney Young has decided to step down at the end of this year.
Phil Smith, an Angeion board member since 2007 and CEO of Minnetonka-based start-up DGIMed, will succeed Young.
Smith has 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.
Young, who led Angeion for six years, will continue to serve as a director of the company and as a consultant. He will remain CEO through December 31, when Smith takes over.
“I am honored to have served as the CEO of Angeion and look forward to the next phase of my career,” Young said in a statement. “Since Phil joined our board, we have always viewed him as a viable succession candidate. He already has established a close working relationship with the senior management team and gained an in-depth knowledge of our industry and customers. Phil and I will work closely to ensure a smooth transition.”
Young told Twin Cities Business in a Tuesday phone interview that he is “looking for the next medical technology company to lead as CEO and president,” but he does not have specific news on where he's headed next.
The company said that Young has successfully led the growth and development of Angeion and its businesses. Under his direction, it established an office in Milan, Italy, expanded its network of distribution partners, and launched a range of new products.
Angeion recently agreed to replace three of its board members after shareholder BlueLine Partners, LLC, claimed that the company had been operating short of its financial potential.
Young said Tuesday that that matter in no way influenced the timing of his decision to step down, which was based on a succession plan that has been in the works internally for some time.
Angeion is one of Minnesota's largest public companies based on its 2009 revenue, which totaled $25.5 million. The company develops, manufactures, and sells cardio-respiratory diagnostic systems.