Organogenesis Holdings Inc. Announces Management Change

Rhea-AI Summary

Organogenesis Holdings Inc. (Nasdaq: ORGO) announced the resignation of CFO Timothy M. Cunningham effective August 18, 2020. His departure was not due to disputes or financial issues. Henry Hagopian, previously Vice President of Finance, has stepped in as interim CFO while a national search for a permanent replacement begins. CEO Gary S. Gillheeney acknowledged Cunningham's role in the company's progress and public transition. Hagopian brings extensive financial experience, including previous roles at CIRCOR International and Lucent Technologies.

Positive

• Henry Hagopian's extensive experience may ensure a smooth transition and continuity in financial management.

Negative

• CFO resignation can introduce uncertainty regarding the company's financial strategy and operations.

CANTON, Mass., Aug. 24, 2020 (GLOBE NEWSWIRE) -- Organogenesis Holdings Inc. (Nasdaq: ORGO), a leading regenerative medicine company focused on the development, manufacture, and commercialization of product solutions for the Advanced Wound Care and Surgical and Sports Medicine markets, today announced the resignation of Chief Financial Officer Timothy M. Cunningham effective August 18, 2020. Mr. Cunningham’s resignation is not the result of any dispute or disagreement with Organogenesis or any matter relating to the Company’s accounting practices or financial statements. Henry Hagopian, the Company’s Vice President of Finance and Treasurer has assumed the role of interim Chief Financial Officer in addition to his current responsibilities. The Company has initiated a national search process to identify a permanent CFO. 

“We have made significant progress since Tim joined Organogenesis,” said Gary S. Gillheeney, Sr., President and Chief Executive Officer of Organogenesis. “He played an important role in our becoming a public company and building a very talented finance and accounting team. I thank Tim for all of his contributions and wish him and his family all the best.”

Mr. Hagopian previously served as the Company’s Assistant Vice President and Treasurer since January 2017 and prior to that served as the Company’s Corporate Controller from October 2007 through December 2016. Prior to joining the Company, Mr. Hagopian served as Assistant Controller and Treasury Manager of CIRCOR International, Inc. from 2005 to 2007 and as Assistant Controller of Stratus Technologies from 2003 to 2005. Prior to joining Stratus, Mr. Hagopian held positions of increasing responsibility with Lucent Technologies finance organization, including the restructuring and spin-out from AT&T. Mr. Hagopian holds an M.B.A. in Management and an M.S. in Accounting from Boston College’s Carroll Graduate School of Management and a B.S. in Economics and Finance from Farleigh Dickinson University.

About Organogenesis Holdings Inc.
Organogenesis Holdings Inc. is a leading regenerative medicine company offering a portfolio of bioactive and acellular biomaterials products in advanced wound care and surgical biologics, including orthopedics and spine. Organogenesis’s comprehensive portfolio is designed to treat a variety of patients with repair and regenerative needs. For more information, visit www.organogenesis.com.

FAQ

What happened to Organogenesis CFO Timothy M. Cunningham?

Timothy M. Cunningham resigned as CFO effective August 18, 2020, without disputes or financial issues.

Who is the interim CFO of Organogenesis?

Henry Hagopian has been appointed as interim CFO of Organogenesis.

Why did Timothy M. Cunningham resign from Organogenesis?

His resignation was not due to disputes with the company or its accounting practices.

What experience does Henry Hagopian have?

Henry Hagopian previously served as Vice President of Finance and has a strong background in finance.