Closure Medical Corporation (Nasdaq: CLSR) has named medical device veteran and longtime Medtronic executive Daniel Pelak as president and chief executive officer to succeed Robert Toni.
Toni previously announced his retirement, which begins concurrent with Pelak’s arrival in Raleigh on Sept. 16. Toni is moving to the Seattle area to spend time with his family and to pursue longtime personal goals, the company says.
His replacement, Pelak, has been with Minneapolis-based Medtronic since 1976. Pelak began his career in marketing and sales, and has worked over the years with surgical devices in cardiac and cardiovascular applications, neurological products, hospital disposables and pharmaceuticals. Most recently, he served as vice president and general manager of the Perfusion Systems Division of Medtronic since January 2002.
For the two years prior to that, Pelak was VP and GM of Medtronic’s Cardiac Surgery Technology Division. From 1992 to 2000, he managed progressively larger marketing operations in the cardiac and cardiovascular areas of Medtronic. Prior to 1992, he held the position of VP and GM of Medtronic’s Nortech Division, after moving through several sales management positions of increasing responsibility.
Closure Chairman Ronald Ahrens said Pelak will have the opportunity to fulfill the company’s ambition to build and develop an internal marketing and sales capability to support its product pipeline, such as products for use inside the body.
“Dan’s record demonstrates that he knows how to manage fast-growing and complex organizations while maximizing current performance and facilitating additional growth,” Ahrens said in a statement. “He combines strong operations experience with a deep and abiding sense of the customer bred of his background in marketing and sales–. We believe Dan will be an excellent CEO for the potential growth of the Company and are very pleased to be able to work with him.”
Toni was also an active participant in the search for and choice of his replacement.
“I have spent the best nine years of my career at Closure, and frankly, I was determined to hand over the reins to an executive who could drive the high-powered team to its full potential,” Toni said in a statement. “I am happy to be able to turn a growing and healthy company over to Dan, and I believe that we the shareholders have the opportunity to see our holdings enhanced under his stewardship.”
Closure Medical Corporation develops, manufactures, and commercializes medical adhesive brands for wound closure and care based on its proprietary medical grade cyanoacrylate technology. Its proprietary technology has customized the physical and chemical properties of cyanoacrylates to develop medical adhesive formulations to close and seal topical skin wounds and incisions.
Raleigh-based Closure also engages strategic partners with global leadership positions for marketing its topical adhesive products. It has partnerships with Ethicon Inc. (a Johnson & Johnson Company), J&J Consumer Products Company, J&J Wound Management, Colgate Oral Pharmaceuticals and Abbott Laboratories.
Closure reported record earnings and revenues of $19.2 million in fiscal 2001 and launched three new products, including a line extension of the DERMABOND adhesive. Its stock is currently around $14 a share. It reached a 52-week high of $25.50 in January and a low of $9.55 in July. Co-founders Rolf and William Schmidt own more than 40 percent of the company.
Closure Medical Corporation: www.closuremed.com