PAVmed Inc. (Nasdaq: PAVM, PAVMZ), a highly differentiated, multi-product, commercial-stage medical technology company, announced the appointment of prominent global technology industry leader Tim Baxter, to its Board of Directors. Baxter will serve as Chair of the Company’s Nomination Committee and as a member of its Audit Committee.
“I am very pleased to welcome Tim Baxter to PAVmed’s Board of Directors,” said Lishan Aklog M.D., PAVmed’s Chairman and Chief Executive Officer. “Baxter is among the most accomplished and respected executives in the technology industry. His long and distinguished career as a senior global executive at AT&T, Sony and, most recently, at Samsung Electronics, where he was President and CEO, have kept him at the frontlines of technological innovation for over three decades. He shares our passion for leveraging technology in the service of society and has championed the same culture of trust and shared success we have built at PAVmed.”
“I was eager to initiate a dialogue with Dr. Aklog and the PAVmed team after learning about the company’s groundbreaking technologies, unique business model, strong management team, world-class board, and long-term growth potential,” said Baxter. “I believe that PAVmed’s recent successes at Lucid Diagnostics and the launch of Veris Health epitomize its team’s commitment to introducing disruptive technologies to transform healthcare and save lives. I look forward to contributing to PAVmed’s ongoing success and transformation into a leading global medical technology company.”
“Baxter brings a global perspective, a focus on long-term strategy, a vast network on the leading-edge of technology, and strong relationships with some of the world’s most innovative companies,” said Dr. Aklog. “I look forward to leveraging his experience in disrupting markets and his strategic guidance as PAVmed and its subsidiaries execute their growth strategies. Lucid’s emerging direct-to-consumer marketing strategy, as well as our newly launched digital health subsidiary, Veris Health, will particularly benefit from his experience, relationships and access to resources – including in electronics, wireless communications, artificial intelligence, digital user interfaces, cloud-based digital platforms, go-to-market strategies and consumer engagement.”
Baxter spent thirteen years in senior executive roles during a rapid-growth period at Samsung Electronics Co., LTD, the world’s second-largest technology company. He was its first non-Korean-born C-suite executive and rose to become President and Chief Executive Officer, North America – responsible for 6,000 employees and $30 billion in revenue. He was lauded for capitalizing on emerging trends, scaling businesses, building teams, strengthening brand loyalty, deploying emerging technology platforms, and successfully managing unanticipated challenges. Before retiring, he developed the company’s long-term strategic plan for capitalizing on emerging technologies, including 5G, artificial intelligence, cloud-based computing, and Internet of Things (IOT).
Prior to Samsung, Baxter spent ten years in various senior marketing and general manager roles at Sony Corporation, where he helped navigate the analog to digital shift in its crown jewel television business unit and successfully led all Hollywood studio negotiations in the Blu-Ray packaged media format war win. Earlier in his career, he served in senior sales and marketing roles at AT&T Inc. and Lucent Technologies Inc., where he was instrumental in launching go-to-market plans, lifecycle management as well as building and globalizing its brand for a $1 billion business unit.
Baxter has served as an industry-wide leader, including as a member of the Executive Board of CTIA, a leading wireless communication industry trade association, and as a Director of the Consumer Electronics Association (CEA), the leading consumer technology association. He currently serves as a Senior Advisor at McKinsey & Co, Operating Partner at Centre Partners Management LLC, a leading middle market private equity firm, Executive Chair of private-equity backed Tastemakers Holdings LLC, a leading developer and marketer of specialty gaming products, Lead Outside Director of First Orion Corp., a technology software company, Advisory Board member of Almo Distribution, the largest independent U.S. distributor of appliances, consumer electronics, professional audio/video equipment, furniture and housewares, and as an advisor to Raxium Inc., a start-up company developing next generation display technology. Baxter received his undergraduate degree in Marketing and Finance at Roger Williams University and currently serves as Chairman of its Board of Trustees.
Concurrent with Baxter’s appointment, David Battleman, M.D. has transitioned off the PAVmed Board of Directors, where he has served since his appointment as a debtholder designee in 2017. David Weild IV, who has served as a PAVmed Director since its 2016 IPO, will also be departing upon completion of his term following the Company’s annual shareholder meeting to be held on June 15, 2021.
Dr. Aklog concluded, “on behalf of my board colleagues, our company and shareholders, I would like to express my deepest gratitude to Dr. Battleman and Weild for their long and distinguished service to this company. They have each made many important contributions during a remarkable period of transformation and growth for the company, while consistently demonstrating a strong commitment to the long-term interests of its shareholders.”
