SoCal Breast Implant Maker Sientra Shakes Up C-Suite, New CEO Appointed
Sientra Appoints Jeffrey Nugent Chairman and Chief Executive Officer
SANTA BARBARA, Calif., Nov. 12, 2015 (GLOBE NEWSWIRE) -- Sientra, Inc. (NASDAQ:SIEN) ("Sientra" or "the Company"), a medical aesthetics company, announced that Jeffrey Nugent has been appointed Chairman and Chief Executive Officer, effective immediately. Mr. Nugent is a highly accomplished pharmaceuticals and medical device industry executive, and has served on the Board of Directors of Sientra since July 2014. He succeeds Hani Zeini, who is stepping down from his role as President and Chief Executive. Mr. Zeini will continue to serve on the Sientra Board of Directors, and will also serve as a consultant to the Company. Nicholas Simon is stepping down from his role as Chairman, and will continue to serve on the Sientra Board of Directors.
Nicholas Simon, Member of Sientra's Board of Directors, said, "Jeff is a leader whose record shows a relentless focus on execution and high performance, and we are fortunate to have an executive of his caliber to take Sientra forward. Jeff's decades of experience leading companies in the pharmaceuticals and medical device industry and intimate knowledge of the Company make him uniquely qualified to lead Sientra at this critical juncture. As Chairman and CEO, Jeff will undertake a full assessment of our business, review the progress of efforts to resume product distribution, carefully evaluate our manufacturing strategy and assess additional, complementary product opportunities. The Board is confident that Jeff is the right person to restore Sientra's momentum and ensure that Sientra is back on the right path to drive growth and shareholder value creation."
Mr. Simon continued, "We are grateful for Hani's vision and unwavering dedication to Sientra since its founding. Hani's commitment to Sientra has been, and will continue to be, a key driver of Sientra's success. We look forward to his continued guidance and support as a member of the Board and believe Hani will ensure a smooth transition through his role as a consultant."
Jeffrey Nugent, Chairman and Chief Executive Officer of Sientra, said, "I am honored to take on the role of CEO during this important time for our company. While we must address the challenges facing the Company, Sientra remains a great business. We have a strong brand value proposition, a base of loyal surgeons and unique and differentiated products. Our immediate priority is to resolve the outstanding regulatory questions, maximize our existing inventory and ensure a stable manufacturing process moving forward. I am committed to developing and executing a comprehensive plan to drive shareholder value and provide our surgeons and patients with Sientra's high-quality breast implants as soon as possible. I look forward to working with Hani and the rest of the leadership team to position Sientra for future success."
Hani Zeini, Founder and Board Member of Sientra, said, "It has been an honor to lead our extraordinary team and to grow Sientra into the leading medical aesthetics company it is today. The Company is at a key inflection point and the Board and I agree that now that is the right time for new leadership. I am confident that Jeff and the management team will successfully lead Sientra through this chapter. I am a significant shareholder and look forward to my ongoing roles with the Company as both advisor and director. Jeff has my full confidence and support as we move forward."
The Company also announced today that Joel Smith is resigning as General Counsel, Chief Compliance Officer and Corporate Secretary, effective immediately.
Third Quarter 2015 Financial Results Conference Call
In addition, Sientra announced today that the Company will release its third quarter 2015 financial results on November 16, 2015 after the market close.
Sientra will hold a conference call on November 16, 2015 at 1:30 p.m. PT/4:30 p.m. ET to discuss the results. The dial-in numbers are (844) 464-3933 for domestic callers and (765) 507-2612 for international callers. The conference ID is 55985029. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at www.sientra.com.
A replay of the call will be available starting on November 16, 2015 at 4:30 p.m. PT/7:30 p.m. ET, through approximately midnight on November 30, 2015. To access the replay, dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, and use the replay conference ID 55985029. The webcast will be available on the Investor Relations section of the Company's website for 30 days following the completion of the call.
About Jeffrey Nugent
Jeffrey Nugent has served as on the Sientra Board of Directors since July 2014. Most recently, Mr. Nugent served as Interim President, Chief Executive Officer and a Director of Biolase, Inc. from June 2014 until July 2015. Prior to that, he was Founder, President and Chief Executive Officer of Precision Dermatology, Inc., a multi channel skin care / dermatology company that was acquired by Valeant, Inc. in 2014 for approximately $500MM. From 1999 to 2002, Mr. Nugent served as President and Chief Executive Officer of Revlon Inc. Previously, he served as Worldwide President and Chief Executive Officer of Neutrogena from the time of its acquisition by Johnson & Johnson until 1999. Mr. Nugent has also served as Chairman, Director, President and Chief Executive Officer of a number of pharmaceutical, medical device and consumer focused companies including Bioform, Inc. prior to its acquisition by Merz Aesthetics, Inc.
Mr. Nugent began his career at Johnson & Johnson where he progressed to senior responsibilities in general management, research, finance, marketing and manufacturing across pharmaceutical, medical device and consumer franchises. He was appointed Vice President of Worldwide Quality where he led a corporate competitiveness improvement initiative while reporting directly to the Chairman and Chief Executive Officer. He also served on the Board of the Child Welfare League of America. Mr. Nugent holds a B.S. in mathematics from St. Joseph's College and earned an M.B.A. in finance and marketing from Loyola University in Chicago. He served as an Artillery Officer in the U.S. Army while assigned to military intelligence at the Pentagon.
Headquartered in Santa Barbara, California, Sientra is a medical aesthetics company committed to making a difference in patients' lives by enhancing their body image, growing their self-esteem and restoring their confidence. The Company was founded to provide greater choice to board-certified plastic surgeons and patients in need of medical aesthetics products. The Company has developed a broad portfolio of products with technologically differentiated characteristics, supported by independent laboratory testing and strong clinical trial outcomes. The Company sells its breast implants and breast tissue expanders exclusively to board-certified and board-admissible plastic surgeons and tailors its customer service offerings to their specific needs. The Company also offers a range of other aesthetic and specialty products.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to, among other things, the future performance of Sientra that are based on management's current assumptions and expectations of future events and involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding: actions to be taken by the Company's CEO, the Company's ability to drive growth and shareholder value and matters relating to the transition of executive positions. Such statements are subject to risks and uncertainties. The Company's business, strategy, operations or financial performance, and actual results may differ materially from those predicted or implied. Factors that could cause or contribute to such differences include, but are not limited to, Sientra's reliance on the sale of its breast products, the Company's reliance on sole-source manufacturing by Silimed, Sientra's uncertainty regarding the resolution of the regulatory inquiries of Silimed's medical devices and the delay of the Company's sales pending such resolution, Sientra's ability to find an alternative solution for its long-term manufacturing supply needs and the Company's uncertainty regarding the extent of the damage of the fire at Silimed's manufacturing facility and when Silimed may be able to resume manufacturing Sientra's breast implants. All statements other than statements of historical fact are forward-looking statements. The words ''believe,'' ''may,'' ''might,'' ''could,'' ''will,'' ''aim,'' ''estimate,'' ''continue,'' ''anticipate,'' ''intend,'' ''expect,'' ''plan,'' or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections and other forward-looking statements.
More information about factors that could cause actual results to differ materially from those contemplated in this press release can be found under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent Quarterly Report on Form 10-Q at http://investors.sientra.com/financial-info/sec-filings/default.aspx or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to the Company on the date hereof, and except to the extent required by law, Sientra assumes no obligation to update such statements.CONTACT: Investor Contacts: The Ruth Group Nick Laudico (646) 536-7030 IR@Sientra.com Media Contacts: Joele Frank, Wilkinson Brimmer Katcher Dan Katcher / Kelly Sullivan / Alyssa Cass (212) 355-4449