Sydney, April 3, 2008 (ABN Newswire) - Ventracor Limited (ASX: VCR)(PNK: VTCRY) announced today changes to the Board of Directors. John Massey has retired as a Director and Chairman of the Board. John Ward has been elected Chairman of the Board of Directors, and William Curran takes on the role of Chairman of the Audit, Risk and Compliance Committee.
Mr. Massey has helped shepherd the Company from an early stage startup with an exciting idea to a global medical device company. Mr. Massey said: "After ten years as Chairman of Ventracor, the time is ripe for a change. It is appropriate that I leave when Ventracor's future is looking bright. I am very pleased to have been a member of the team at Ventracor and I am confident that the Company is on the right track to build a profitable, sustainable, global medical device business of which Australia can be proud."
The incoming Chairman of the Board, John Ward is a professional company director and management consultant. He was formerly Managing Director and Chief Executive of Qantas Airways Limited which culminated a 25 year career with the airline. Subsequent to that, he spent seven years at News Corporation where his focus was primarily on the development and commercialisation of convergence opportunities in media, technology and communications.
Mr. Ward has been a non-executive Director of Ventracor since August 2001. He is currently Chairman of Wolseley Private Equity, a Director of Adelaide Airport Limited and Brisbane Airport Holdings Limited. He is an Honorary Life Governor of the Research Foundation of Information Technology.
Ventracor Chairman, John Ward, said: "John Massey has left an indelible impression on Ventracor, and much of our present and future success is owed to his untiring efforts over the years of his tenure. We thank him for his contribution, and wish him well for the future."
Ventracor CEO, Mr. Peter Crosby, said: "On behalf of the whole management team at Ventracor, we thank John for his support and outstanding contribution to the Company. We look forward to working with John Ward as we build on our past successes to make an even stronger future for Ventracor."
The Company will engage a global executive search firm to recruit a new Director.
Ventracor is a global medical device company which produces an implantable blood pump, the VentrAssist left ventricular assist device (LVAD), as a therapy to improve the lives of heart failure patients. Ventracor is dedicated to building partnerships with healthcare professionals to make the VentrAssist the standard-of-care worldwide.
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