Medical device company Uscom (ASX:UCM) has appointed Joe Trygar to become its new CEO, in an in-house selection.
Trygar joined Uscom in July as senior vice president of sales. He has previously worked for more than 30 years in the medical instrumentation and automation markets, in roles including research, engineering, strategic planning and distribution.
His predecessor, company founder Robert Phillips, will stay on at Uscom as Chief Science Officer.
Executive chairman Phil Kiely said Uscom appointed Trygar to help it develop new partnerships and distribution channels for its non-invasive cardiac output monitor, USCOM.
“We have barely scratched the surface of the US$2.8 billion revenues generated in the cardiac patient monitor market,” he said, asserting that Trygar's appointment will “help Uscom secure its fair share of this rapidly expanding marketplace.”
Trygar said he already has a plan to achieve sustainable sales growth.
Uscom in August reported a 13.6% slump in FY11 revenue from ordinary activities, and a 52.8% higher net loss of $2.7 million.
Remuneration details have not yet been disclosed, but as CEO, Philips had earned a base salary of $155,000 in FY11.
UCM shares fell 8.57% on Friday to $0.160.