Cytori Therapeutics (Nasdaq: CYTX) announced that Christopher Calhoun, CEO and director, is retiring from the position of CEO effective immediately. As a result, the Board of Directors named Dr. Marc Hedrick as CEO, in addition to his current responsibilities as president and director.
During a transition period, Calhoun will remain a director on Cytori’s board and will assume the position of managing director. As managing director, he will focus principally on Cytori’s international business development efforts until his retirement from the company on July 1.
“We are extremely grateful to Chris for his efforts over the past 18 years to build Cytori into a world leader in adipose-derived cell therapy,” said David Rickey, chairman of the board of Cytori. “Mr. Calhoun founded the company in 1996 and had the strategic vision in 2002 to acquire StemSource Inc., led by Dr. Hedrick, enabling the development of our core cell therapy technology. Dr. Hedrick has served as president since 2004 and has overseen research, development, sales and marketing groups.”
Hedrick is a former general, vascular and plastic surgeon with an M.D. from the University of Texas Southwestern Medical School and an M.B.A. from the University of California, Los Angeles. He and his team at UCLA discovered stem and regenerative cells in human adipose tissue.