KORU Medical Systems Names New CEO

KORU Medical Systems has named a former Becton Dickinson and Company executive as its new chief executive. Linda Tharby assumed the duties of president and CEO from Interim CEO Jim Beck, effective April 12. Beck will continue to serve on KORU’s Board of Directors.
 
Tharby is an experienced global medical device industry executive with a 24-year career with Becton Dickinson and Company (BD), a leading medical technology company. Tharby was a member of the executive leadership team of BD that transformed the company from an $8 billion medical supplies company to an $18 billion global medical technology company. With more than 20 years of experience in global business leadership roles, Tharby has been accountable for portfolio innovation and global commercialization across multiple business units. She served as the executive vice president and president of the Life Sciences segment, a $4 billion revenue business unit and group president of Preanalytical Systems and BD Biosciences. In her roles as Worldwide President of Diabetes Care and vice president/general manager of Pharmaceutical Systems, Tharby focused on pharmaceutical partnerships to address self-administration of therapies in the home.

Tharby also brings enterprise change and integration experience, with her most recent role at BD as the company’s chief Customer Experience officer and in her prior role, as the company’s chief Human Resources officer through BD’s $24 billion acquisition and integration of C.R. Bard in 2017. Throughout her career, Tharby consistently demonstrated the ability to build diverse teams and develop talent internally, and under her guidance many of her direct reports progressed to senior operating or functional leadership roles in the industry.

“I am honored and excited to have the opportunity to join the company at a pivotal moment in its development,” said Tharby. “KORU Medical addresses a growing patient preference and a global shift to increased healthcare delivery in the home. KORU Medical’s products and services deliver life-saving treatments to patients and provide them the freedom to infuse where and when they choose. I look forward to working with our employees, the executive management team and the Board in our mission to improve the quality of life for patients around the world and to deliver meaningful value to our patients, customers, and shareholders.”

In connection with her appointment, Tharby will be granted three restricted stock awards in accordance with Nasdaq Marketplace Rule 5635(c)(4) as an inducement to her employment: (i) 200,000 shares vesting 25 percent on April 12, 2022, and 25 percent each 12 months thereafter; (ii) 200,000 shares vesting when the company’s market capitalization has attained specified levels for 90 consecutive days before April 12, 2026; and (iii) 600,000 shares vesting based on specified net sales growth targets for each of the 2022 through 2025 fiscal years, which will vest in full upon the company maintaining a specified run rate for at least two consecutive quarters after Jan. 1, 2022.

“On behalf of the Board of Directors and our entire company, I’d like to thank Jim for stepping up to lead the company through this process. I am very pleased to welcome Linda to the KORU Medical team,” said John Fletcher, board chairman. “Linda brings to KORU a successful track record of relevant executive experience, building and leading strong performing global organizations, developing and commercializing multiple product and service innovations, and delivering solutions to patients in the home setting. The Board is confident that under Linda’s direction, KORU Medical is well positioned for our next phase of growth as we continue to focus on improving the quality of life of home infusion patients around the world.”