03.20.14
Zynex Inc. CEO Thomas Sandgaard is cleaning house.
The chief executive is restructuring the company, cutting the number of board members nearly in half (from five to three), according to a filing with the U.S. Securities and Exchange Commission (SEC). Sandgaard asked for (and received) the resignations of board members Mats Wahlstrom, Mary Beth Vitale, Kevin Smith and Taylor Simonton. Before leaving the company, Wahlstrom served as Zynex's lead director and member of the board's compensation committee; Vitale chaired the board's compensation committee and also was a member of its audit committee; Smith served as a member of both the compensation and audit committees and Simonton chaired the audit committee.
Sandgaard is reshaping the board to reduce director's fees costs and build a team that shares his vision for the company, the SEC filing states.
Sandgaard expects the restructuring plan is to right the company ship, especially with regard to its financial outlook.
The chief executive is restructuring the company, cutting the number of board members nearly in half (from five to three), according to a filing with the U.S. Securities and Exchange Commission (SEC). Sandgaard asked for (and received) the resignations of board members Mats Wahlstrom, Mary Beth Vitale, Kevin Smith and Taylor Simonton. Before leaving the company, Wahlstrom served as Zynex's lead director and member of the board's compensation committee; Vitale chaired the board's compensation committee and also was a member of its audit committee; Smith served as a member of both the compensation and audit committees and Simonton chaired the audit committee.
Sandgaard is reshaping the board to reduce director's fees costs and build a team that shares his vision for the company, the SEC filing states.
Sandgaard expects the restructuring plan is to right the company ship, especially with regard to its financial outlook.