MALVERN, PA — Neuronetics Inc. (NASDAQ: STIM) appointed Nir Naor as chief financial officer on July 23 as the medical technology company reshapes its leadership around balance-sheet discipline and expansion of its Greenbrook clinic network.
Naor succeeds to the finance post with more than 20 years of experience spanning life sciences, medical devices, pharmaceuticals and investment banking.
He most recently served as chief financial officer of Axogen Inc. (NASDAQ: AXGN), where Neuronetics credited him with helping the peripheral nerve repair company reach profitability and positive cash flow within a year.
Naor previously served as chief financial officer of Arbor Pharmaceuticals and led its sale to Azurity Pharmaceuticals. He also held the top finance role for Mölnlycke’s U.S. and Americas business and worked in senior positions at UCB and AstraZeneca.
“My focus will be on strengthening the balance sheet, improving operating leverage and translating business momentum into durable margins and attractive shareholder returns,” Naor stated.
Neuronetics granted Naor 500,000 restricted stock units as an inducement to join the company. The award will vest in substantially equal installments on the first four anniversaries of his start date, subject to continued employment.
The compensation committee approved the grant under the company’s 2020 Inducement Incentive Plan and Nasdaq Listing Rule 5635(c)(4), which permits equity awards made as a material inducement to employment.
The appointment is part of a broader executive transition at Neuronetics, which combines its NeuroStar transcranial magnetic stimulation technology with patient care delivered through its Greenbrook network of interventional psychiatry clinics.
Cory Anderson was promoted to executive vice president and general manager of Greenbrook effective July 1, expanding his responsibilities as the company focuses on the clinic business.
Anderson has worked at Neuronetics for more than five years and most recently served as senior vice president and chief technology officer. He previously led the company’s research, development and clinical operations.
Before joining Neuronetics, Anderson held positions at Sebacia, The Innovation Factory and Accuitive Medical Ventures.
Chief Executive Officer Dan Reuvers cited Anderson’s knowledge of interventional psychiatry and operational experience as central to the company’s clinic strategy.
Separately, Andrew Macan will step down as executive vice president, chief legal officer and corporate secretary effective Aug. 15. Neuronetics did not identify a successor or disclose the reason for his departure.
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