Cardiovascular Systems CEO David Martin will take a medical leave of absence starting Dec. 1 to focus on his cancer treatments.
Board Chairman Scott Ward will serve as interim CEO during Martin's leave, the New Brighton company said.
Martin disclosed in a Sept. 14 letter to employees and other stakeholders that he had been diagnosed with stage 2 stomach cancer. At that time, the company said Martin planned to curtail some of his business travel but would otherwise work through his chemotherapy treatment.
Cardiovascular Systems makes devices to treat vascular diseases. For the fiscal year ended June 30, the company reported revenue of $181.5 million, up 32.9 percent compared to previous fiscal year.
Martin's leave will be about three to four months in advance of scheduled surgery and additional chemotherapy. Ward will take over day-to-day operations, and the company expects Martin will be in regular contact during his leave to aid in the transition.
"Scott's extensive experience in medical technology and role as CSI chairman makes him an excellent selection for interim chief executive officer," Martin said in the company's news release. "With Scott and our executive team's leadership, I can concentrate on my remaining treatment and recovery. This cancer can be cured, and I plan to return as CEO in March."
Ward became a Cardiovascular board member in 2013 and was named chairman in 2014. He is a managing director of SightLine Partners and president of Raymond Holdings. Ward worked for Medtronic Inc. from 1981 to 2010, including as president of Medtronic's cardiovascular business.
"Dave has the full support of CSI and its board as he completes his treatment. We wish him a quick recovery and look forward to his return," Ward said in the release.
The company made the announcement before its annual meeting scheduled for Wednesday. The filing was made after the market closed Monday. Cardiovascular's stock closed at $14.36, down 4 cents. The stock is down 52.3 percent since the start of 2015.