Full Press Release Details
Announces Board and Management Changes
Sullivan Elected Chairman of the Board
Hopfield, PhD, Assumes Role of Lead Independent Director
Petrovic Promoted to President and Chief Operating Officer
Levangie Announces Retirement
BILLERICA, Mass.--(BUSINESS WIRE)--October 19, 2016--Insulet Corporation
(NASDAQ: PODD) (Insulet or the Company), the leader in tubeless insulin
pump technology with its Omnipod Insulin Management
System, today announced changes to the responsibilities of key members
of its Board of Directors and Management team:
Patrick Sullivan, President and Chief Executive Officer since
September 2014, has been elected Chairman of the Board. He will
continue to serve as Chief Executive Officer.
Dr. Jessica Hopfield, Director since July 2015, has been appointed
Lead Independent Director of the Board. Dr. Hopfield succeeds Dr. John
Fallon, who will continue to serve on the Board as an independent
director. Dr. Hopfield also serves as Chairperson of the Board of
Trustees of the Joslin Diabetes Center and is a strategic advisor and
investor in start-up healthcare firms. She previously was a partner of
McKinsey & Company in their Global Pharmaceuticals and Medical Devices
Shacey Petrovic, President, Diabetes Products since February 2016,
after joining the Company as Chief Commercial Officer in February
2015, has been promoted to President and Chief Operating Officer. In
this position, she will work closely with Mr. Sullivan to further
improve Insulet's operational capabilities and capitalize on new
growth opportunities, and will be responsible for overseeing the
Company's Drug Delivery product line.
Daniel Levangie, President, Drug Delivery, has informed the Company he
will retire at the end of 2016. Ms. Petrovic will assume Mr.
Levangie's responsibilities and Mr. Levangie will continue with the
Company through the end of the year to assist with an effective
transition. He will then remain available to the Company in a
Patrick Sullivan, Chairman and Chief Executive Officer, stated, "I am
pleased the Board has appointed Dr. Jessica Hopfield as Lead Independent
Director and I thank Dr. John Fallon for his service. As the newly
elected Chairman, I look forward to working closely with Jessica, John
and our fellow Board members to continue advancing Insulet's growth and
"I am also excited to promote Shacey to her new position of President
and Chief Operating Officer," said Mr. Sullivan. "Since joining Insulet,
she has demonstrated tremendous leadership, overseeing the realignment
of our commercial operations, a reset of our product development roadmap
and record-breaking commercial results. The further expansion of
Shacey's management responsibilities recognizes her valuable skillset
and the meaningful contributions she is making to Insulet's growth. We
believe the Company will benefit from a unified approach to developing
insulin and non-insulin commercial opportunities for our technology
platform and Shacey is the ideal person to oversee this initiative."
Mr. Sullivan continued, "Dan has been an invaluable member of the
Insulet team, leading the drug delivery business through a time of
transition and overseeing the development of a long-term strategy for
the franchise. His contributions have significantly advanced our drug
delivery business and through his roles on the senior leadership team
and previously as a member of our Board of Directors, Dan has helped
shape our overall Company strategy and organization. On behalf of the
entire Board and management team, I thank Dan for his commitment to
Insulet and wish him all the best."
About Insulet Corporation:
Insulet Corporation (NASDAQ: PODD) is an innovative medical device
company dedicated to making the lives of people with diabetes easier.
Through its Omnipod Insulin Management System, Insulet seeks to expand
the use of insulin pump therapy among people with insulin-dependent
diabetes. The Omnipod is a revolutionary and easy-to-use tubeless
insulin pump that features just two parts and a fully-automated cannula
insertion. Insulet's Delivery Systems business also partners with global
pharmaceutical and biotechnology companies to tailor the Omnipod
technology platform for the delivery of subcutaneous drugs across
multiple therapeutic areas. To read inspiring stories of people with
diabetes living their lives to the fullest with Omnipod, please visit
our customer blog, Suite D: http://suited.myomnipod.com. Founded
in 2000, Insulet Corporation is based in Billerica, Massachusetts. For
more information, please visit: http://www.myomnipod.com.
Forward-Looking Statements:
This press release may contain forward-looking statements
concerning Insulet's expectations, anticipations, intentions, beliefs or
strategies regarding the future. These forward-looking statements are
based on its current expectations and beliefs concerning future
developments and their potential effects on Insulet. There can be no
assurance that future developments affecting Insulet will be those that
it has anticipated. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond its control) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements, and other risks and uncertainties described
in its Annual Report on Form 10-K, which was filed with the Securities
and Exchange Commission on February 29, 2016 in the section entitled
"Risk Factors," and in its other filings from time to time with
the Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should any of its assumptions
prove incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. Insulet undertakes no
obligation to publicly update or revise any forward-looking statements.
Investor Relations and Media Contact:
Deborah R. Gordon, 978-600-7717
Investor Relations and Corporate Communications