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ATRC > SEC Filings for ATRC > Form 8-K on 3-Sep-2013All Recent SEC Filings

Show all filings for ATRICURE, INC.

Form 8-K for ATRICURE, INC.


Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective September 3, 2013, the Board of Directors (the "Board") of AtriCure, Inc. (the "Company") appointed Scott Drake to serve as a Director until the next Annual Meeting of Stockholders. The Board has determined that Mr. Drake is an independent director in accordance with guidelines that the Company has adopted, which guidelines comply with the listing standards set forth by The NASDAQ Stock Market. Donald C. Harrison, MD, one of the founders of AtriCure, has also informed the Board of Directors of his plans to retire at the 2013 Annual Meeting in May 2014, following an orderly transition and after almost 20 years of service with the Company.

Mr. Drake is President and Chief Executive Officer of the Spectranetics Corporation (NASDAQ: SPNC). Spectranetics develops, manufactures, markets and distributes medical devices used in minimally invasive procedures within the cardiovascular system. Its products are sold in more than 40 countries and are used to access and treat arterial blockages in the legs and heart and to remove pacemaker and defibrillator cardiac leads. Since joining Spectranetics in August 2011 as its President and Chief Executive Officer, Mr. Drake has led it through significant growth. Spectranetics reported $140.3 million in revenue in 2012.

Prior to joining Spectranetics, Mr. Drake was Senior Vice President, Operations of DaVita, Inc. (NYSE: DVA), a leading U.S. provider of kidney care and dialysis. At DaVita, he had responsibility for business operations that generated approximately 20% of the company's revenue, which exceeded $6 billion. Previously, Mr. Drake held several positions of increasing responsibility within various healthcare business units at Covidien, Plc over a period of 17 years. From 2006 to 2009, Mr. Drake was Global Business Unit President, Respiratory and Monitoring Solutions, a $1.5 billion business with 8,000 employees. Under his leadership, significant operational improvements were made including revenue and profit growth, enhanced new product development pipeline, lifting of FDA consent decree and lean six sigma operational excellence initiatives. Foundational to these accomplishments is an intense focus on new product development, organizational effectiveness and customer needs.

There is no arrangement or understanding between Mr. Drake and any other person pursuant to which Mr. Drake was appointed as a Director of the Company, and there have been no transactions nor are there any proposed transactions between the Company and Mr. Drake that would require disclosure pursuant to Item 404(a) of Regulation S-K. Mr. Drake will receive compensation for his service as a director in accordance with the Company's compensation policies for non-employee directors, which are described under the heading "Director Compensation" in the Company's proxy statement filed with the SEC on April 12, 2013.

A copy of the press release announcing Mr. Drake's appointment is furnished as Exhibit 99.1 and incorporated by reference in this Item 5.02.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

No. Description

99.1 Press Release dated September 3, 2013

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