Med-Tech Firm Names New CFO After Internal Investigation
Uroplasty, Inc., said Monday that it has appointed a new chief financial officer (CFO), replacing its former financial leader who retired in the wake of an internal investigation into how the company paid sales commissions.
Minnetonka-based Uroplasty is a publicly traded medical device company that manufactures and markets products for treating bladder dysfunction and pelvic disorders.
In June, the company delayed the filing of its annual financial report as it investigated issues related to employee payments and internal control over financial reporting. At that time, the company also placed then-CFO Mahedi Jiwani on administrative leave.
In July, Uroplasty filed its annual report and said that its investigation uncovered “a material weakness in internal control,” although the issue didn’t result in changes to its financial results. The company said that Jiwani had retired; meanwhile, interim CEO Robert Kill was officially named president and CEO of the company.
On Monday, Uroplasty said that it appointed Brett Reynolds as senior vice president and CFO. He has spent a decade in senior positions, most recently as CFO of Synovis Life Technologies, a Twin Cities med-tech firm that Baxter International acquired last year for $325 million.
“Brett’s significant industry operational experience and proven public company financial leadership will be a valuable asset to Uroplasty,” Kill said in a statement. “His track record of building strong financial organizations and processes expands the depth of our executive leadership team and we are delighted to have him on board in this key role.”
Uroplasty is one of Minnesota’s 90 largest public companies based on revenue, which totaled $22.4 million in its most recently completed fiscal year.