Appointment of New Independent Directors

On January 17, 2019, the Board of Directors (the Board) of Penumbra, Inc. (the Company) appointed two new independent directors to the Board.

Janet Leeds

Ms. Janet Leeds was appointed to the Board as a Class I director effective immediately and until her successor is duly elected and qualified or until her earlier death, resignation, retirement or removal from the Board. Ms. Leedss initial term will expire along with the other Class I directors at the Companys 2019 annual meeting of stockholders.

Surbhi Sarna

Ms. Surbhi Sarna was appointed to the Board as a Class II director effective July 1, 2019 and until her successor is duly elected and qualified or until her earlier death, resignation, retirement or removal from the Board. Ms. Sarnas initial term will expire along with the other Class II directors at the Companys 2020 annual meeting of stockholders.

The Board has determined that Ms. Leeds and Ms. Sarna are independent directors under the New York Stock Exchange listing standards and the Companys independence guidelines, as set forth in its Corporate Governance Guidelines (available on the Companys web site at www.penumbrainc.com, under Investors – Governance – Corporate Governance).

Ms. Leeds and Ms. Sarna will receive compensation for their services (consisting of an initial equity award and an annual cash retainer and equity award) in accordance with the Companys director compensation policy applicable to non-employee directors. In connection with their appointments to the Board, both Ms. Leeds and Ms. Sarna will enter into the Companys standard form of indemnification agreement.

There are no arrangements or understandings between Ms. Leeds or Ms. Sarna and any other person to which they were selected as a director. The Company is not aware of any transaction in which Ms. Leeds or Ms. Sarna has an interest requiring disclosure under Item 404(a) of Regulation S-K.

On January 18, 2019, the Company issued a press release announcing these appointments to the Board. A copy of the release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Management Change – President, North America

Effective January 21, 2019, and in connection with recent promotions, the role of President, North America will no longer exist. Management of the North American sales team will be assumed by several current senior sales leaders reporting to our Chief Executive Officer and President. Daniel Davis, who has been the Companys Chief Commercial Officer since July 2017, will continue in that role with its focus on strategic issues related to the Companys products and their clinical benefit, both domestically and internationally.

(d) Exhibits

99.1Press Release of Penumbra, Inc. dated January 18, 2019.

EXHIBIT LIST

99.1Press Release of Penumbra, Inc. dated January 18, 2019.

Penumbra Inc Exhibit
EX-99.1 2 prjlandss18jan2019.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Penumbra,…
To view the full exhibit click here

About Penumbra, Inc. (NYSE:PEN)

Penumbra, Inc. (Penumbra) is an interventional therapies company. The Company designs, develops, manufactures and markets medical devices. The Company has a portfolio of products that addresses medical conditions and significant clinical needs across two markets, neuro and peripheral vascular. The conditions that its products address include ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures. The Company focuses on developing, manufacturing and marketing products for use by specialist physicians, including interventional neuroradiologists, neurosurgeons, interventional neurologists, interventional radiologists and vascular surgeons. Its neuro products include Neurovascular Access, Ischemic Stroke, Neurovascular Embolization and Neurosurgical Tools. The Company’s peripheral vascular products include Peripheral Embolization and Peripheral Thrombectomy.