GI Dynamics Names New CEO

GI Dynamics Inc. has appointed Michael D. Dale as president, CEO and member of the Board of Directors. He replaces Stuart A. Randle, who stepped down as president/CEO, but will remain on the board and available as a consultant.

Dale brings more than 25 years of executive experience successfully driving growth and delivering financial results in public and private medical device organizations.

“On behalf of GI Dynamics, I want to thank Stu for his contributions to the company over the last decade,” said Board Chairman Jack Meyer. “Stu was instrumental in securing the CE Mark for EndoBarrier, gaining [U.S.] Food and Drug Administration approval for initiating the clinical study for EndoBarrier in the United States and completing financings, including the company’s initial public offering on the Australian Securities Exchange. We appreciate Stu’s leadership.”

Dale brings nearly three decades of operational leadership and global commercialization experience to GI Dynamics, spanning multiple medical device companies in the cardiovascular, neuromodulation and electrophysiology markets. Previously, he served as chairman, president and CEO of publicly traded ATS Medical Inc. until its acquisition in 2010 by Medtronic Inc. During his eight-year tenure, ATS established itself as a major player in the surgical treatment of heart valve disease and atrial fibrillation resulting in significant expansion in market capitalization, from $7.5 million to more than $375 million. Most recently, Dale served as president/CEO of Helical Solutions LLC, an early-stage venture capital funded business that developed the Tornado system for atrial fibrillation treatment. In addition to Helical Solutions and ATS Medical, Dale has held executive leadership roles with Endocardial Solutions Inc., Cyberonics, St. Jude Medical Inc. and Edwards Life Sciences Corporation. He brings extensive international experience including serving as the business unit director of heart valves in Europe for St. Jude Medical, responsible for Europe, Scandinavia, Russia, the Middle East and Africa, as well as in his roles at Cyberonics, as vice president of Global Sales and managing director of Cyberonics Europe S.A.

Dale holds a Bachelor of Science degree from California Polytechnic State University in San Luis Obispo, Calif.

“Mike is an exceptional leader with an impressive track record in the medical device sector,” said Randle. “Building GI Dynamics has been an incredible journey over the last 10 years, and we are fortunate to have a leader of Mike’s caliber to drive the future of the company.”

“I am delighted and honored by the opportunity to lead GI Dynamics,” Dale said in prepared remarks. “I look forward to working with the management team and the board to develop the strategies required to fulfill our business purpose.”

GI Dynamics developed EndoBarrier, an endoscopically-delivered device therapy approved for the treatment of type 2 diabetes and/or obesity. EndoBarrier is approved and commercially available in multiple countries outside the United States. EndoBarrier is not approved for sale in the United States and is limited by federal law to investigational use only, though it currently is conducting a pivotal clinical trial for the treatment of patients who have uncontrolled type 2 diabetes and are obese. Founded in 2003, GI Dynamics is headquartered in Lexington, Mass.