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BVI Medical names Shervin Korangy as President and Chief Executive Officer

May 16, 2019

WALTHAM, Mass.--(BUSINESS WIRE)--May 16, 2019--

BVI Medical, Inc. (BVI), a leading developer, manufacturer, and marketer of surgical devices for the ophthalmic marketplace, announced today that it has named Shervin Korangy as President and Chief Executive Officer. He has also been appointed to BVI’s Board of Directors. Most recently, Korangy served as Chief Financial Officer and Chief Strategy Officer of BVI, positions which he has held since joining the company in 2017. Former CEO Dana Mead, Jr. will continue to serve on BVI’s Board of Directors as Vice Chairman.

“I am honored to have the opportunity to lead BVI through its next chapter of growth,” said Korangy. “When I joined the company two years ago, I was impressed by its strong commitment to innovation and best-in-class customer focus. This remains true today. We continue to build one of the fastest-growing, dynamic businesses in ophthalmology. With recent product launches and our robust innovation pipeline, I am excited about our future and look forward to working with the entire BVI team and our investor TPG Capital as we continue to expand. On behalf of BVI, we would also like to thank Dana for the past two years of leadership and drive for the business.”

Korangy is an accomplished industry executive with more than 20 years of experience leading business operations, strategic growth initiatives, integrations, and capital allocation decisions. He has held a diverse set of roles and has worked in numerous geographies across the world, bringing a global perspective to the BVI business.

“Over the past few years, Shervin has been central to BVI’s growth strategy and success,” said Mead. “His strategic vision and understanding of our business uniquely position him to lead the organization going forward. My time at BVI has been one of the most rewarding periods of my career, and I am proud of all we’ve accomplished. I want to thank my colleagues at BVI for their great partnership.”

Korangy’s appointment builds on a period of notable momentum for BVI, following its recent acquisition of PhysIOL, a leading, Belgium-based ophthalmic company specializing in the research, development, and manufacture of intraocular lenses. The transaction marks the third addition to BVI in two years, following its acquisitions of Malosa Medical and Vitreq.

“It’s been exciting to watch BVI grow under Dana’s and Shervin’s leadership,” said John Schilling, Partner at TPG Capital. “We’re grateful for Dana’s hard work and dedication during his time at BVI and look forward to our continued partnership. Shervin’s appointment marks a meaningful next step for the company as it continues its transformation into a strategic, fully-integrated, and innovative industry leader.”

Prior to BVI, Korangy held several leadership roles at Novartis Group AG, including the Global Head of Corporate Finance. He also headed several European geographies for Alcon, which at the time, was a Division of Novartis. Before Novartis, Korangy spent 15 years at The Blackstone Group, both as an advisor to companies in the firm’s restructuring group and as an investor for the firm’s private equity business. He has served on several Boards throughout his career, which currently include the Board of Directors for The Hain Celestial Group (NASDAQ: HAIN) and Motus GI Holdings (NASDAQ: MOTS).

About BVI Medical

Headquartered in Waltham, Massachusetts, USA, BVI develops, manufactures and markets ophthalmic and other specialty microsurgical products. BVI distributes products in over 95 countries worldwide. The company offers products and services for all aspects of ophthalmic surgery, including cataract, refractive, glaucoma, oculoplastic, and vitreoretinal sub-specialties as well as other specialty microsurgery procedures. More information about BVI can be found at www.bvimedical.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20190516005282/en/

CONTACT: Media

Luke Barrett

415-743-1550

media@tpg.com

KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS

INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES

SOURCE: BVI Medical, Inc.

Copyright Business Wire 2019.

PUB: 05/16/2019 07:00 AM/DISC: 05/16/2019 07:00 AM

http://www.businesswire.com/news/home/20190516005282/en