Cardiovascular Systems Names New CEO
Cardiovascular Systems Inc. has concluded its national search for a new CEO, ultimately landing on Scott Ward, the man who has held the interim position as since November.
Ward, 56, joined the New Brighton-based med-tech company in 2013 as a board member. He will take over the leadership role immediately earning a base salary of $630,000, according to a filing with the U.S. Securities and Exchange Commission.
Ward is the successor of David Martin, the company’s former CEO who died of cancer in May.
“Scott brings invaluable leadership and industry expertise to this organization,” said Leslie Trigg, chair of CSI’s governance/nominating committee, in prepared remarks.
For 29 years, Ward worked in various capacities for Medtronic. His last two roles at the Fridley-based company were with its vascular business (president from 2004 to 2007) and its cardiovascular business (president from 2007 to 2010). Ward has also been one of the managing directors at SightLine Partners, a Bloomington-based late stage investor within the med-tech industry. As stated in the filing, Ward will have the option to provide limited advisory and consulting services to SightLine.
“I am please with the progress CSI has made to improve the quality of care for patients with coronary and peripheral artery disease,” Ward said in a statement. “However, as the leader in atherectomy, we have much more to accomplish. I look forward to continuing to serve our patients, customers and shareholders by helping CSI achieve profitability and reach its full potential.”
Under Ward’s wing, the company posted its third quarter report in April with sales that beat both Wall Street and its own expectations. However, CSI has been saddled with lawsuits recently and has undergone cost reduction measures that led to an 8 percent staff layoff.