Todd Pope Steps Down as TransEnterix CEO. Board of Directors Appoints Anthony Fernando as President and CEO
Posted on November 08, 2019 by Medtech[y] Staff
TransEnterix (NYSE American: TRXC) is up 32% in after-hours trading after announcing that Todd Pope is stepping down as CEO and being replaced by Anthony Fernando as President and Chief Executive Officer and will be a member of the Board of Directors.
Fernando joined TransEnterix in 2015 as the Vice President of International Development and was then promoted to Chief Technology Officer in 2016 and expanded his role to include Chief Operating Officer in 2017.
“I have a strong belief in the technology and the team we have assembled at TransEnterix. The Senhance System has a unique role to play as we bring digital laparoscopy to the fast-growing surgical robotics market,” said Anthony Fernando, President and CEO of TransEnterix. “I will work diligently to realize the promise of this technology and grow our value in the future. I look forward to working closely with our team and the Board of Directors executing on our refocused strategy as we digitize the interface between surgeons and patients.”
“We have confidence in Anthony and his ability to lead the Company going forward. His leadership has been instrumental in the evolution of the Senhance System, the development of the digital surgical platform architecture, the acquisition of the MST technology and our plans to incorporate these valuable technology assets into the Company’s products. He has also played a key role in spearheading the development of the organization’s strategic priorities, and we believe his broad medical device and global leadership experience will be highly valuable during the next phase in the Company’s journey,” said Paul LaViolette, Chairman of TransEnterix’s Board of Directors.
Todd Pope joined TransEnterix in 2008 as the company's CEO and was instrumental in getting their Senhance Surgical System FDA clearance in 2017. However, system sales haven't happened at the pace needed, especially within the U.S. market. The past 12 months have been a lot of promises and underperformance from a revenue and system sale perspective.
'We would like to thank Todd for his leadership and contributions to TransEnterix since joining the Company as its CEO in 2008. Under his vision and guidance, the Company acquired and advanced the Senhance System, received multiple regulatory approvals and clearances, including FDA clearance of the Senhance System, launched in key markets around the world and is well positioned for future success,” added LaViolette.
"It has been a privilege to serve as CEO of TransEnterix over the past 10 years and I am proud of the significant progress we have made,” said Todd M. Pope. “I, along with the Board, believe Anthony is the right person to lead TransEnterix going forward as the Company continues to bring digital laparoscopy to the market.”
Pope will help with the transition and serve as a senior advisor to TransEnterix.
More detail of the transition and strategy going forward will likely be discussed on the company's third quarter earnings call, which is scheduled for Tuesday, November 12, 2019 at 4:30 p.m Eastern Time.