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« on: May 01, 2007, 02:17:59 AM »

[span style=\'color:green\']Daniel J. Moore Appointed President and Chief Executive Officer of Cyberonics[/size][/url]

Tuesday May 1, 8:00 am ET  
Former Boston Scientific Executive Brings Extensive Experience in Sales, Marketing and Operations



HOUSTON, May 1 /PRNewswire-FirstCall/ -- Cyberonics, Inc. (Nasdaq: CYBX - News) today announced the appointment of Daniel J. Moore as President and Chief Executive Officer, effective May 1, 2007. Mr. Moore joins Cyberonics from Boston Scientific where, since 1989, he has held positions in sales, marketing and senior management in the United States and in Europe. Reese S. Terry, Jr., co-founder of Cyberonics and Interim Chief Executive Officer since November 2006, will remain on the Board of Directors. Mr. Moore has also been appointed to Cyberonics' Board of Directors.

Mr. Moore has a long and successful track record of growing revenues and profitability, building effective global teams and introducing new products for market leadership. He recently assumed the position of President, International Distributor Management at Boston Scientific. Prior to that role, he held the position of President, Inter-Continental, the fourth largest business unit of Boston Scientific with more than 1,000 global employees and revenues exceeding $700 million. Mr. Moore previously held senior management positions at several Boston Scientific U.S. and International divisions. He led Inter-Continental marketing during the initial launch of the Taxus™ Drug Eluting Stent. Prior to joining Boston Scientific, Mr. Moore spent four years with Procter and Gamble. He received his Bachelor of Arts from Harvard University and a Masters of Business Administration with High Honors from Boston University.

"Dan is a proven leader with the right combination of sales, marketing and operations experience to lead Cyberonics," commented Hugh M. Morrison, Chairman of the Board. "Dan understands the challenges we face and is uniquely qualified to lead the Company to achieve the objectives set out by the Board, specifically near-term positive cash flow and profitability, refocusing on epilepsy, realigning our spending in the depression market based on the current reimbursement environment and enhancing the Company's reputation with all of our stakeholders. We are pleased to have someone of Dan's caliber join Cyberonics at this important time."

Mr. Moore said, "I am thrilled to be joining Cyberonics. I am confident that my previous professional experience has prepared me well to assume the leadership of this company. It is exciting to join an organization so focused on its mission to improve the lives of people touched by epilepsy, depression and other chronic disorders. While we face many challenges with regard to access for patients, I am confident that we will succeed in achieving our goals of creating value for Cyberonics shareholders, helping improve the lives of people suffering from the disorders treatable with VNS Therapy and building a company that Cyberonics employees and management will be proud to be part of."[/span]

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« Reply #1 on: May 01, 2007, 02:21:10 AM »

Cyberonics Names CEO, Cuts Jobs[/size]

Tuesday May 1, 9:53 am ET  
Cyberonics Names Daniel J. Moore CEO While Laying Off 15 Percent of Its Work Force



HOUSTON (AP) -- Medical device maker Cyberonics Inc. on Tuesday named a new chief executive and laid off about 15 percent of its work force as part of a restructuring move.
The company named Daniel J. Moore, who has been with Boston Scientific since 1989, president and CEO, effective May 1. He is taking the job from interim CEO Reese S. Terry, who will remain on the board of directors.

Former CEO Robert P. Cummins and another executive resigned last year in the wake of a stock options scandal. In February, the company came back within Nasdaq Stock Market listing requirements after previously failing to meet filing requirements.

The layoffs will cost the company about $1.3 million, which will be accounted for during the fiscal fourth quarter ended April 27. The layoffs will result in annual savings of more than $12 million beginning in fiscal 2008, Cyberonics said.

"With the distractions of the past year now behind us, the board and management of Cyberonics are fully committed to creating shareholder value by returning the company to positive cash flow generation and profitability as quickly as possible," said Hugh M. Morrison, chairman of the board, in a statement.





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« Reply #2 on: May 01, 2007, 04:05:26 AM »

Cyberonics to slice 90 jobs[/size]


Tuesday May 1, 10:39 am ET


Cyberonics Inc. will cut 15 percent of its employees as part of a company reorganization to reduce operational costs, the company said Tuesday.
The Houston-based medical device company said 90 of its 600-employee work force will be cut, but would not give any details on where the cuts would be. Cyberonics also has an international subsidiary, Cyberonics Europe SA, located in Brussels, Belgium.

Cyberonics expects to gain direct annual savings in excess of $12 million from the restructuring, beginning in fiscal 2008.

"This restructuring, along with other cost-saving measures, was necessary to return the company to near-term positive cash flow and profitability," said George Parker, interim chief operating officer. "We begin fiscal 2008 with renewed confidence and enthusiasm and remain steadfast in our mission to improve the lives of people touched by epilepsy, depression and other chronic disorders that may prove to be treatable with our patented VNS therapy."

Cyberonics (NASDAQ: CYBX - News) also said the $1.3 million in costs associated with the reductions will be accounted for in the fourth quarter of fiscal 2007, which ended April 27.

Cyberonics has dealt with a multitude of problems over the past 18 months, including facing delisting from the NASDAQ exchange. It has had to deal with a number of other difficult issues, including responding to governmental investigations relating to its stock option grants and other matters.

On Nov. 20, Robert "Skip" Cummins, Cyberonics' chief executive officer, and Pamela Westbrook, the firm's chief financial officer, resigned in the wake of a stock options probe. Cummins had also served as the firm's chairman and president.

Also in November, billionaire investor Carl Icahn revealed that he had purchased a stake in the firm.

"With the distractions of the past year now behind us, the board and management of Cyberonics are fully committed to creating shareholder value by returning the company to positive cash flow generation and profitability as quickly as possible," said Hugh Morrison, chairman of the board.

As part of the restructuring, the company appointed Daniel Moore as president and CEO, effective Tuesday.

He most recently was president of international distributor management for Natick, Mass.-based Boston Scientific (NYSE: BSX - News).

Moore replaces Reese Terry Jr., co-founder of Cyberonics and interim CEO since November 2006, who will remain on the board of directors.

Published May 1, 2007 by the Houston Business Journal
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