Inspire Medical Systems, Inc. Announces Appointment of Seasoned Senior Corporate Executive Shelley Broader to its Board of Directors

Rhea-AI Summary

On October 22, 2020, Inspire Medical Systems (NYSE: INSP) announced the appointment of Shelley Broader to its Board of Directors. Broader, with extensive experience in global leadership at major brands like Walmart and Chico's FAS, will enhance the board's focus as the company grows. Additionally, Chau Khuong will retire from the board at the end of October. Tim Herbert, CEO, emphasized the importance of Broader's experience in shaping Inspire's commercial strategy.

Positive

• Shelley Broader's appointment is expected to bring valuable global business insights.
• Her experience leading significant retail transformations may aid Inspire's strategy.

Negative

• Chau Khuong's retirement may create a gap in board experience and continuity.

MINNEAPOLIS, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Inspire Medical Systems, Inc. (NYSE: INSP) (“Inspire”), a medical technology company focused on the development and commercialization of innovative and minimally invasive solutions for patients with obstructive sleep apnea (“OSA”), announced today the appointment of Shelley Broader to the Board of Directors. Ms. Broader brings significant C-suite leadership experience at a multitude of leading multinational brands, including Chico’s FAS and Walmart International. She also has 12 years of experience as a public board director at Raymond James Financial INC.

As part of their multi-year board refresh, Inspire also announced that Chau Khuong, Partner of OrbiMed Advisors LLC, will be retiring from the Inspire board at the end of October 2020. Mr. Khuong joined the Inspire board in March 2014 following OrbiMed serving as the lead investor in the Company’s Series E private financing.    

“As our business continues to grow and our corporate strategy evolves, it is critical that we expand the focus and expertise on our board,” stated Tim Herbert, Inspire President and CEO. “Shelley’s experience as a senior executive and her focus on global brands will be invaluable to Inspire. We look forward to her contributions to our board as we continue to execute on broadening our commercial strategy. I would also like to extend my sincere thanks and appreciation to Chau for his important strategic insights during Inspire’s early commercial years. His expertise and guidance helped support the initial commercial adoption efforts for Inspire therapy and aided our transition to being a publicly-traded company.”

Ms. Broader has extensive experience as a CEO, general manager, and corporate director, and is widely recognized for global leadership, strategy, execution, and management of iconic retail brands. She has successfully run large, matrixed domestic and international businesses with accountability for up to $65 billion in revenue. Ms. Broader’s C-Suite and board room experience encompasses mass retail, specialty retail, grocery, apparel, finance, banking, and wealth management.

Having served as CEO of Chico’s FAS, INC, CEO and President of Walmart International EMEA, Walmart Canada Corp. and President and COO of Michael’s Stores, Ms. Broader has helped each organization remain at the forefront of its respective fast-evolving and competitive consumer sector. Ms. Broader led Chico’s FAS during the consumers rapid shift from in-store to online shopping, and right-sized the physical footprint of the company, while growing its Internet sales from 16% to 27%. As a member of Walmart’s global leadership team, she led the transformative corporate work stream that produced the rapid adoption of a channel agnostic strategy that helped catapult Walmart into an online leadership position. Ms. Broader served as an executive spokesperson and brand ambassador for Walmart Canada, Walmart International, and Walmart Corporate for the investment community, government relations, and media. As CEO of Walmart’s EMEA and Canadian regions, she led the overall business, including merchandising and operations of 1,300+ retail locations.

About Inspire Medical Systems
Inspire is a medical technology company focused on the development and commercialization of innovative and minimally invasive solutions for patients with obstructive sleep apnea. Inspire’s proprietary Inspire therapy is the first and only FDA-approved neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea.

For additional information about Inspire, please visit www.inspiresleep.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding the Company’s business and strategy. In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘could,’’ “future,” “outlook,” “guidance,” ‘‘intend,’’ ‘‘target,’’ ‘‘project,’’ ‘‘contemplate,’’ ‘‘believe,’’ ‘‘estimate,’’ ‘‘predict,’’ ‘‘potential,’’ ‘‘continue,’’ or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.

These forward-looking statements are based on management’s current expectations and involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020, and as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investors page of our website at www.inspiresleep.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, unless required by applicable law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Thus, one should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Investor and Media Contact:
Bob Yedid
LifeSci Advisors
bob@lifesciadvisors.com
646-597-6989 

FAQ

What recent changes occurred in Inspire Medical Systems' board of directors?

On October 22, 2020, Shelley Broader was appointed to the board, while Chau Khuong announced his retirement.

How might Shelley Broader's experience benefit Inspire Medical Systems?

Her extensive leadership in major retail companies could enhance Inspire's commercial strategy and global reach.

What can investors expect from the recent board changes at Inspire Medical Systems?

Investors may anticipate new insights and strategies from Shelley Broader's appointment, although Khuong's departure could pose continuity concerns.