Name: Jason Weidman
New title: CEO, Teleflex
Previous title: Senior vice president, president of coronary and renal denervation, Medtronic
Jason Weidman will join Teleflex as president and CEO, effective June 8, from Medtronic.
He succeeds Stuart Randle, a Teleflex board member who was appointed to the roles on an interim basis in January when former Chairman, President and CEO Liam Kelly stepped down.
Weidman was most recently senior vice president at Medtronic, where he was president of the coronary and renal denervation business. During his tenure, Medtronic announced the $585 million acquisition of CathWorks and secured Food and Drug Administration approval for the Symplicity Spyral renal denervation system. Before that, Weidman led the aortic, peripheral and venous business at Medtronic, where his career spanned two decades.
RBC Capital Markets analyst Shagun Singh said in an investor note that Teleflex hired Weidman as CEO because his deep expertise in medtech aligns closely with the company's newly focused strategic direction.
“We believe [Teleflex] has chosen a proven leader, because of his experience running and growing MedTech units in the billions of revenues at [Medtronic],” Singh wrote.
Teleflex’s devices are used in vascular access, surgery, anesthesia, urology and other therapy areas. In December, the company unveiled plans to sell its acute care, interventional urology and OEM businesses for a total of $2.03 billion.
Private equity firms Montagu and Kohlberg are buying the OEM business for $1.5 billion. Intersurgical, an anesthesia and respiratory care medtech company, is buying the acute care and interventional urology businesses for $530 million.
When the divestitures are completed, Teleflex will be focused on its core interventional, critical care and high acuity hospital markets, said Teleflex Chairman Stephen Klasko.
“Jason’s medical technology expertise is closely aligned with our focused product portfolio, and his track record of driving growth, advancing product innovations and expanding global markets make him an ideal candidate to lead Teleflex’s go-forward strategy,” Klasko said in a statement.
The company plans to buy back $1 billion of shares and pay down $800 million in debt after the transactions close.
