Business
iRhythm Technologies President and CEO Kevin King to Retire; Michael Coyle Joins Company as President and CEO Effective January 12, 2021
SAN FRANCISCO, Dec. 14, 2020 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care solutions company focused on the
About this update from Irhythm Holdings, Inc.
[{"type":"text","content":"SAN FRANCISCO, Dec. 14, 2020 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care solutions company focused on the advancement of cardiac care, today announced that Kevin King will retire as President and CEO effective January 12, 2021. Mr. King will continue to serve on iRhythm's board of directors and as an advisor to the business. Effective the same date, Mike Coyle will join the company as President and CEO and as a member of its board of directors. Under King’s leadership, iRhythm successfully completed an IPO in 2016, achieved record financial growth and increased shareholder value significantly. During his tenure, the company’s annual revenue grew from approximately $5 million in 2011 to projected analyst consensus of $263 million in 2020, while increasing its market capitalization from approximately $80 million to more than $5.5 billion over the same time period. \"On behalf of iRhythm’s board of directors, I want to thank Kevin for his leadership and strategic contributions during his nine years at iRhythm. During his tenure, Kevin created and led the company’s strategic initiatives to redefine how cardiac arrhythmias are diagnosed and treated, built a strong management team and created tremendous value for multiple stakeholders since its pre-IPO period,\" said Abhijit Talwalkar, iRhythm’s Chairman. “Kevin’s vision and focused execution have enabled the company to meaningfully deepen its presence while expanding the market. We are delighted that he will continue his role as a board member and for a period of time as an advisor. We look forward to his continued contributions through the next phase of iRhythm’s growth.” \"I am extremely proud of all that we have accomplished, particularly the culture and team that we have built at iRhythm and the impact we have had with our Zio Service on the lives of more than three million patients,” said Kevin King, iRhythm President and CEO. \"While the timing of any CEO transition is never easy, succession planning has been a thorough and thoughtful process. Our business outlook remains very strong with substantial opportunity for continued growth and expansion. I am confident that under Mike's leadership, iRhythm will continue to drive meaningful growth while delivering operational excellence.\" On the appointment of Mr. Coyle, Talwalkar conti...