Dallas, Texas 04/14/2014 (FINANCIALSTRENDS) – Cytori Therapeutics Inc. (USA)(NASDAQ:CYTX) , the San Diego based drug maker announced that following the retirement of its founder and Chief Executive Officer Christopher Calhoun on 2nd April, it has gone in for a full fledged reshuffle of its executive management team. Replacing Mr Calhoun is Dr Marc Hedrick who has been named as CEO with immediate effect. Previously, he had been serving as the President and Director of the drug firm.
Mr Calhoun has consented to continue his services to the drug firm as its director on the board and will assume the designation of Managing Director. He has further been tasked with increasing revenue from its international market and will hold the post till 1st July of 2014.
In his send off address to the outgoing CEO, Cytori Therapeutics Inc. (USA)(NASDAQ:CYTX) Chairman of the Board Mr. David Rickey has been quoted to have said that, “we are extremely grateful to Chris for his efforts over the past 18 years to build Cytori into a world leader in adipose-derived cell therapy. Mr. Calhoun founded the Company in 1996 and had the strategic vision in 2002 to acquire StemSource, Inc., led by Dr. Hedrick, enabling the development of our core cell therapy technology. Dr. Hedrick has served as President since 2004 and has overseen research, development, sales and marketing groups.”
The newly designated Dr. Hedrick is a plastic surgeon by qualification, and has worked alongside his team members at UCLA, in discovering stem cells and other regenerative cells in human tissue. In his acceptance speech, he has been quoted to have reiterated his commitment towards increasing the share holders return under his leadership.
Since the announcement has been made on 2nd April, the stock of Cytori Therapeutics Inc. (USA)(NASDAQ:CYTX) has shed close to 6.6 percent and extended the losses it has suffered in the past one month to 14.3 percent.