Cardisovascular Systems Names Scott Ward As Interim CEO, David Martin To Step Down For Health Reasons

Cardiovascular Systems Inc (NASDAQ: CSII), a medical technology company, announced after Monday's market close that its president and CEO David Martin has stepped down from the company to focus on his cancer treatment.

Cardiovascular Systems disclosed to investors that Martin has been battling with cancer in September 2015 but continued to perform his duties at a limited basis. Scott Ward, the company's current chairman, has been named interim CEO and President and will hold the title while the company searches for a successor to Martin.

Said Martin, "The opportunity for CSI to serve those suffering from vascular disease is enormous. The company is at a pivotal stage where driving future growth and profitability are of the utmost importance and require a full-time CEO. My treatment needs to be my priority at this time. CSI has outstanding talent and leadership. I'm proud of our special organization, our physician partners, and what the team has achieved together. I am excited about the contributions the company will make in years to come."

Said Ward, "Dave has guided this company on an extraordinary journey, developing orbital atherectomy from an early stage innovation to a market-leading product that has saved lives and improved the quality of life for thousands of patients. On behalf of our employees and board of directors, we thank Dave for his many contributions to our company and we wish him well with his continuing treatment."

Shares of Cardiovascular Systems showed no trades early Tuesday morning but have lost more than 75 percent over the past year.