Daniel J. Moore Elected Chairman of the Board
LEXINGTON, Massachusetts & SYDNEY, Australia – 3 May 2016 AEST – GI Dynamics, Inc. (ASX: GID) (the Company), a medical device company that provides innovative treatments for type 2 diabetes and obesity, is pleased to announce that the board of directors has today elected Daniel Moore as chairman, effective immediately.
Moore has served on the Company’s board as an independent, non-executive director and member of the compensation committee since September 2014, and as vice chairman since March 2016.
Moore has extensive experience in executive leadership, management, sales, and operations in global medical devices with a strong track record of growing revenues, increasing profitability in international and U.S. markets as well as in turnaround situations. Moore will work closely with newly appointed CEO Scott Schorer in implementing strategies to turn around the Company with an emphasis on non-U.S. commercial activities, and to enable EndoBarrier Therapy to be offered to the epidemic levels of patients who suffer from type 2 diabetes and obesity.
Moore served as president and chief executive officer of Cyberonics, Inc. from 2007 to 2015 when Cyberonics merged with Sorin S.p.A. to form LivaNova PLC, where he remains the non-executive chairman. Under his leadership, Cyberonics experienced a major turnaround, more than doubling revenues and improving operating profit each year. During this period, market capitalization grew from ~$500 million to ~$1.8 billion. Prior to joining Cyberonics, Moore spent seventeen years at Boston Scientific in the United States and Europe. Moore served as president of Inter-Continental, the fourth largest business unit of Boston Scientific with more than one thousand global employees and revenues exceeding $700 million. He also served as president of International Distributor Management where he focused on growing international markets.
Moore is also a member of the board of directors for the Epilepsy Foundation of America, the Medical Device Manufacturers Association (immediate past chair), and is a member of the boards or advisory boards for BioHouston, Inc. and the Weldon School of Biomedical Engineering at Purdue University. He currently serves as chairman of privately held BrainScope Company, Inc. Moore holds a B.A. from Harvard University and an MBA from Boston University.
To ensure an orderly transition, Jack Meyer will remain a non-executive director and retire at the end of his elected term at the 2017 AGM. Meyer has been a director of the Company since 2003 and the board wishes to acknowledge his outstanding efforts and achievements, including the completion of numerous clinical studies, the launch of EndoBarrier as a commercial product, and a public listing on the ASX.
Commenting on Moore’s appointment, Meyer said, “Mr. Moore’s transition from vice chairman to chairman is a natural progression as we look to rebuild and turn around the Company at this critical time, particularly with our focus on targeted commercial strategies in Europe and Australia, rebuilding the team, and engaging with regulators including the FDA, the TGA, and our EU Notified Body.
“Dan has a proven track record in driving sales in global markets while building the case for reimbursement, and advancing U.S. clinical trials. With Cyberonics, Dan was also able to drive adoption of a medical device to treat epilepsy, a condition previously only treated with drugs, in a similar way that GI Dynamics believes that EndoBarrier Therapy can treat diabetic patients.”