- SurModics (SRDX +1.8%) ticks up after announcing late yesterday that it plans to implement some organizational changes.
- Effective immediately, its Quality, Regulatory and Clinical Affairs function and Medical Device Research and Development functions will begin reporting directly to CEO Gary Maharaj.
- These units had previously reported to their independent business segment leaders.
- CFO Andy LaFrence will now oversee the company's Operations and Information Systems functions, in addition to his current responsibilities.
- Additionally, the company is realigning its workforce and will eliminate 7 positions or about 6% of its staff.
- As a result, the SRDX expects to take a one-time pre-tax charge of about $500K, or $0.02 per share, in Q4, primarily related to severance costs.
SurModics to implement organizational changes
Sep 4 2013, 10:56 ET