Titan Medical Inc (TMDIF)

[jhersh]

Hargrove Story


11-Oct-2016:08:59:00, Titan Medical Board of Directors Initiates Leadership ChangesJohn E. Barker Named Interim CEO After John Hargrove Resignation; Board Revises Plan to Focus Executive Search Solely on Permanent CEO

TORONTO, ON -- (Marketwired) -- 10/11/16 -- Titan Medical Inc. (TSX: TMD) (OTCQX: TITXF) today reported that the Companys Board of Directors has initiated a leadership change strategy in order to expedite the development of the SPORT Surgical System. The initial steps of the strategy include the resignation of John Hargrove as Titans Chief Executive Officer, the appointment of Martin Bernholtz as Chairman of the Board of Directors, and a revised focus of the previously announced executive search plan.

Mr. Hargroves resignation as Chief Executive Officer is effective immediately. He is succeeded as interim C.E.O. by John E. Barker, a member of the Titan Medical Board of Directors since 2009. Mr. Barkers primary responsibilities will include working with the Board to recruit a permanent C.E.O. on a timely basis. Mr. Barker is a finance professional with general management experience who previously served as the Senior Vice President of Finance, Chief Financial Officer and in other senior executive positions at Zenon Environmental Inc., a Toronto Stock Exchange (TSX) listed Company. During his career Mr. Barker has lead organizations of up to 1200 employees and has lead several operational turnarounds. Mr. Barker currently sits as a director and Chairman of the Audit Committee of Ecosynthetix Inc., a TSX listed Company and is a Fellow of the Chartered Professional Accountants of Canada and holds the FCMA designation.

"Our Board and management team are fully committed to advancing the SPORT Surgical Systems development program in an effective and efficient manner," said Mr. Barker. "While we are aggressively pursuing plans to advance the program, we have also revised our previously announced executive search effort to focus on recruiting to the Company a permanent CEO with a proven leadership and capital markets track record. At the same time, we are examining our cost structure with an eye on focusing resources on the SPORTs development. The Board thanks John for his service to Titan Medical during the past seven years and also appreciates Mr. Bernholtz assumption of the Chairmans duties as we execute our plan. We look forward to reporting on our progress as developments merit."

Mr. Bernholtz, BBA, CPA, CA has been the Chief Financial Officer of Kerbel Group Inc., since 1987, an integrated Construction and Land Development Company, and a member of the Titan Board since 2008.