ANN ARBOR, Mich., Sept. 3, 2009 (GLOBE NEWSWIRE) -- Aastrom Biosciences, Inc. (Nasdaq:ASTM), a leading developer of autologous adult stem cell treatments for severe chronic cardiovascular diseases, announced an executive management transition process that will strengthen and expand the senior leadership team over the next several months. George W. Dunbar, currently Chief Executive Officer, President, Chief Financial Officer and a Director of Aastrom, will transition out of day-to-day management and is expected to assume the role of Chairman of the Board immediately after the Company's Annual Meeting of Shareholders, currently planned for December 14, 2009. In this role he will continue to advise the Company on key financial and strategic development initiatives. Timothy M. Mayleben, a member of the Company's Board of Directors and current Chair of the Audit Committee, will remain a Director and will become the new Chief Executive Officer, President and CFO in December 2009. Nelson M. Sims, who has served with distinction as Chairman of the Board of Directors since October 2008, is expected to assume the role of Lead Director. Mr. Mayleben has stepped down from Aastrom's Audit and Compensation Committees and Mr. Sims has been elected Chair of the Audit Committee. Messrs. Dunbar, Mayleben and Sims intend to work together during the transition process to provide continuity and time for a smooth transition of responsibilities.
ANN ARBOR, Mich., Sept. 3, 2009 (GLOBE NEWSWIRE) -- Aastrom Biosciences, Inc. (Nasdaq:ASTM), a leading developer of autologous adult stem cell treatments for severe chronic cardiovascular diseases, announced an executive management transition process that will strengthen and expand the senior leadership team over the next several months. George W. Dunbar, currently Chief Executive Officer, President, Chief Financial Officer and a Director of Aastrom, will transition out of day-to-day management and is expected to assume the role of Chairman of the Board immediately after the Company's Annual Meeting of Shareholders, currently planned for December 14, 2009. In this role he will continue to advise the Company on key financial and strategic development initiatives. Timothy M. Mayleben, a member of the Company's Board of Directors and current Chair of the Audit Committee, will remain a Director and will become the new Chief Executive Officer, President and CFO in December 2009. Nelson M. Sims, who has served with distinction as Chairman of the Board of Directors since October 2008, is expected to assume the role of Lead Director. Mr. Mayleben has stepped down from Aastrom's Audit and Compensation Committees and Mr. Sims has been elected Chair of the Audit Committee. Messrs. Dunbar, Mayleben and Sims intend to work together during the transition process to provide continuity and time for a smooth transition of responsibilities.
