CEO Out, New Board In At InfuSystem
MADISON HEIGHTS — Sean McDevitt has left InfuSystem Holdings Inc. (NYSE Amex: INFU) as CEO, after an agreement with shareholders representing 11.4 percent of the company’s stock was reached Tuesday.
In as interim CEO is Dilip Singh, former CEO and a director of MRV Communications and former CEO of Telia-Sonera Spice Nepal.
InfuSystem is a national provider of medical infusion pumps and related services.
The agreement was announced after the stock market closed Tuesday with Global Undervalued Securities Master Fund, LP, Meson Capital Partners, Boston Avenue Capital and certain of their affiliates, resulting in changes to InfuSystem’s Board of Directors and leadership. Together, those investors beneficially own 11.4 percent of the company’s outstanding shares.
Under the terms of the agreement, Singh, along with John Climaco, Charles Gillman, Ryan Morris, and Joseph Whitters have been appointed to the InfuSystem board of directors, effective immediately. Current InfuSystem Directors David Dreyer, chairman of the Audit Committee, and Wayne Yetter, chairman of the Nominating and Corporate Governance Committee, will remain on the board and continue in their current roles.
“We are optimistic about InfuSystem’s prospects and believe that the Company has exciting opportunities ahead,” Yetter said. “We appreciate the dialogue we have had with our stockholders and look forward to working collaboratively with the new directors to continue advancing InfuSystem’s position as a significant leader in the infusion and pre-owned medical equipment markets.”
Yetter continued, “We thank the outgoing directors Sean, Jean-Pierre, Pat, John and Tim for their contributions, leadership and years of service to InfuSystem. Their insight and experience have been valuable to the Company, and we wish them the best in their future endeavors.”
With the changes announced today, InfuSystem’s Board will be comprised of seven directors, all of whom will stand for election at InfuSystem’s 2012 Annual Meeting of Stockholders. In connection with the agreement, Global Undervalued Securities Master Fund, LP, Meson Capital Partners, Boston Avenue Capital and their affiliates have all withdrawn their request to call a special meeting.
“As stockholders, we are all extremely pleased with this outcome and appreciate the level of engagement from the Board to help us accomplish this end,” said Ryan Morris, managing member of Meson Capital Partners. “We look forward to working diligently with our fellow Board members to enhance value for all stockholders and helping InfuSystem reach the next level of success.”
The complete settlement agreement announced today will be included as an exhibit to the Company’s Current Report on Form 8-K, which will be filed with the SEC.
Headquartered in Madison Heights, the company delivers local, field-based customer support, and also operates Centers of Excellence in Michigan, Kansas, California, and Ontario, Canada.
More at www.infusystem.com.