Endologix, Inc. (Nasdaq:ELGX) (“Endologix” or the “Company”), a developer and marketer of innovative treatments for aortic disorders, today announced that it has appointed John D. Zehren as the Company’s Chief Commercial Officer, effective as of January 7, 2019 (the “Effective Date”).
Mr. Zehren brings to Endologix more than twenty years of commercial, sales and marketing, and business development experience in the medical device industry. Most recently, he served as Vice President of Sales, Americas at Medtronic Neurovascular and was a Senior Member of the company’s Neurovascular Management Board. While at Medtronic, he developed and implemented a strategic commercial plan to double revenue in five years. Prior to that, he spent five years as Vice President of Sales at Covidien and ev3. Earlier in his distinguished career, Mr. Zehren spent over a decade at Edwards Lifesciences, the last four years of which were in the role of Vice President of Sales and Marketing.
John Onopchenko, Chief Executive Officer of Endologix, Inc., commented, “We are proud to welcome John, an accomplished commercial medical device leader, to our executive team. He has demonstrated a strong track record of achievement, consistently implementing successful commercial strategies that resulted in impressive growth, share gains, and customer loyalty. We believe John will play a critical role in strengthening and extending Endologix’s customer partnerships and commercial execution, while leading the Company’s global go-to-market strategy for our AFX2, Ovation, and Nellix platforms.”
Mr. Zehren added, ”I’m excited to join an organization that has driven so much innovation in the cardiovascular segment and believe that we have an excellent opportunity to strengthen our customer partnerships and secure increased market share and procedural growth around the globe. I look forward to working with the Endologix team to drive commercial excellence and bring our differentiated, life-saving technology to more patients in need.”
Mr. Zehren earned his Bachelor of Arts in Biology from College of St. Thomas in Minnesota.
The Company has also announced that in connection with Mr. Zehren’s employment by Endologix, he will receive equity awards under the Company’s 2017 Inducement Stock Incentive Plan, consisting of 300,000 stock options (“Option”) and 200,000 restricted stock units (RSUs) The awards were approved by the Company’s Compensation Committee, which is comprised of independent directors, on December 3, 2018, as an inducement material to the Mr. Zehren’s entry into employment with the Company, as permitted under NASDAQ Listing Rule 5635(c)(4). The Options will be priced as of the Effective Date and will vest over a three-year period. One third of the Options shall vest and become exercisable upon his completion of one year of service. The balance of the Options shall vest and become exercisable in successive, equal, monthly installments upon Mr. Zehren’s completion of the next twenty four months of service, measured from the first anniversary of the grant date. The RSUs will vest as to one-third of the underlying shares on each anniversary of the Effective Date such that the shares will vest in full three years from the Effective Date.