8-K: Myomo Appoints Heather Getz to Board of Directors, Expanding Board to Seven Members

Myomo, Inc. has appointed Heather Getz to its Board of Directors, increasing the board size to seven members and naming her chair of the audit committee.

Summary

• Myomo, Inc. has appointed Heather Getz to its Board of Directors, effective March 26, 2024.
• The board size has increased from six to seven members.
• Ms. Getz will serve as a Class II director until the 2025 annual meeting of shareholders.
• She has also been appointed as the chair of the audit committee.
• Ms. Getz is deemed independent under NYSE American listing standards and is designated as an audit committee financial expert.
• She will receive an annual cash retainer of $55,000, including an additional $5,000 for being a committee chair, paid quarterly.
• Ms. Getz will also receive $30,000 annually in restricted stock units, vesting over four quarters.
• Ms. Getz is currently executive vice president and chief financial and operations officer of Butterfly Network, Inc.

Sentiment

Score: 8

Explanation: The appointment of an experienced executive to the board is a positive development for the company, suggesting a focus on growth and financial expertise. The sentiment is positive and forward-looking.

Positives

• The appointment of Heather Getz brings significant financial and operational expertise to the Myomo board.
• Ms. Getz's experience in scaling medical device and technology companies is expected to be valuable as Myomo accelerates its growth.
• Her background includes expertise in finance, reimbursement, investor relations, compliance, M&A, and strategic planning.
• Ms. Getz is considered an independent director and an audit committee financial expert, enhancing corporate governance.

Future Outlook

Myomo expects Ms. Getz's experience to be valuable as the company accelerates its growth.

Management Comments

• Paul R. Gudonis, chairman and chief executive officer of Myomo, stated that Ms. Getz brings financial and operational experience in scaling medical device and technology companies, which will be valuable to the board of directors as Myomo accelerates its growth.
• Ms. Getz stated she is impressed by the technology and how it has been used to restore function in the paralyzed or weakened arms and hands of individuals that have suffered injury so that they can return to work, live independently and reduce their cost of care.
• Ms. Getz also stated she looks forward to working with the team to further accelerate the company's already impressive growth.

Industry Context

The appointment of a seasoned executive with experience in medical device and technology companies aligns with Myomo's growth strategy in the wearable medical robotics sector. This move is consistent with the trend of companies strengthening their boards with individuals who have relevant industry experience.

Comparison to Industry Standards

• The appointment of a CFO with experience at a publicly traded medical device company like Butterfly Network is a common practice for companies in the medical technology sector.
• The compensation package for Ms. Getz, including cash retainer and restricted stock units, is typical for non-employee directors in publicly traded companies.
• The designation of Ms. Getz as an audit committee financial expert is in line with SEC requirements and best practices for corporate governance.
• Other companies in the medical device space, such as Insulet Corporation and Intuitive Surgical, also have board members with extensive financial and operational experience.

Management Changes

Stakeholder Impact

• Shareholders may view the appointment of an experienced director positively, potentially increasing confidence in the company's management and future prospects.
• Employees may benefit from the expertise and leadership of the new director.
• Customers may see this as a sign of the company's commitment to growth and innovation.
• Creditors may view this as a positive sign of the company's financial stability and governance.

Next Steps

• Ms. Getz will serve as a Class II director until the 2025 annual meeting of shareholders.
• Ms. Getz will begin her role as chair of the audit committee.

Key Dates

Keywords

Board of Directors, Heather Getz, Audit Committee, Medical Device, Corporate Governance, Financial Expert, Myomo, Director Appointment