Natus Medical Refreshes its Board With Two New Independent Directors

Natus Medical Incorporated announced a significant refreshment of its board of directors with the appointments of Alice D. Schroeder, former CEO and chair of WebTuner Corporation and Thomas J. Sullivan, president and CEO of A&E Medical Corporation. The company will also nominate Schroeder and Sullivan for election at Natus’ 2019 Annual Meeting of Stockholders.

“We are pleased to welcome Alice and Tom as new independent directors to the Natus board,” said Barbara R. Paul, M.D., board chairperson. “Their skills and experience complement our current board members, strengthening the board and company as we execute the ‘One Natus’ organizational structure and refine our overall strategy. Natus leadership is focused on enhancing value for our customers, employees and stockholders— this expanded board brings experienced and diverse voices to help drive that value.”

Natus is committed to regular evaluation of its board composition and is committed to regular board refreshment, and with these director additions, five of its seven independent directors will have joined the Natus board in the past three years. These actions are part of Natus’ ongoing board refreshment process on behalf of stockholders designed to build a board with the best mix of skills, expertise and experience to support the Natus management team in stockholder value creation. In addition, the company is committed to de-staggering the board, and will place a proposal to de-stagger the board before the Natus stockholders at the 2019 Annual Meeting of Stockholders of Natus and will request that the Natus stockholders approve the de-staggering of the Natus board.

Natus’ other independent directors consist of Paul, former chief medical officer of Community Health Systems; Robert Gunst, former president and CEO of The Good Guys Inc.; Joshua Levine, president and CEO of Accuray Incorporated; Kenneth Ludlum, former CFO of CareDx Inc.; and Lisa Wipperman-Heine, president and CEO of PreCardia Inc.

Gunst has advised the board that he will not stand for re-election at the 2019 Annual Meeting of Shareholders. He has served on the Natus board of directors since 2004, and as chairman from 2004 until July 2018. Following Gunst’s retirement, the Natus board will be composed of seven directors, six of whom are independent.

Schroeder serves on the boards of Quorum Health Corporation and Prudential plc. She chairs the Quorum Health audit and compliance committee and serves on its nominating and governance committee. She also serves on the Prudential audit committee and on its risk committee. From February 2016 until December 2018, Schroeder chaired Bank of America Merrill Lynch International’s (BAMLI) audit committee and served on its governance committee.

Schroeder was CEO and chair from 2014-2017 of WebTuner Corp., a Seattle-area software developer, though its turnaround and exit through sale in May 2017. Formerly, she was a managing director in the equities division of Morgan Stanley, leading the global insurance research team, and before that at PaineWebber and CIBC Oppenheimer, spending nearly two decades on Wall Street. She began her career as a CPA with Ernst & Young and spent two years as a project manager at the Financial Accounting Standards Board, overseeing the issuance of several key accounting standards for the insurance industry.

Schroeder is author of the No. 1 New York Times and Wall Street Journal bestselling book, “The Snowball: Warren Buffett and the Business of Life.”

Sullivan has served as president and CEO of A&E Medical Corporation since 2018. From 2011 to 2018, Sullivan served as president and CEO of two public companies: Symmetry Surgical Inc., a medical device company serving the neurosurgical and general surgery markets; and its predecessor, Symmetry Medical Inc., a global contract manufacturer of surgical instruments, sterilization cases and trays, and orthopedic implants. Prior to joining Symmetry Medical in 2011, Sullivan was president, Supply Chain & Business Processes, Johnson & Johnson Health Care Systems Inc.; president of Depuy Orthopeadics Inc., a Johnson & Johnson Company; and president of Johnson & Johnson Medical Products Canada. Sullivan began his career at Johnson & Johnson in 1990 in the areas of strategic planning and operations. Sullivan graduated as a Palmer Scholar from The Wharton School in 1991, where he earned an MBA in strategic management and management information systems. He also earned a bachelor of science degree in computer science and applied mathematics from the University of Pittsburgh.

Natus provides medical devices and services used for the screening, treatment and monitoring of common medical conditions in newborn care, hearing, balance impairment, neurological dysfunction, neurosurgery and sleep disorders.
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