Cutera Appoints Clint Severson and J. Daniel Plants to Board of Directors
January 06 2015 - 7:30PM
Cutera, Inc. (Nasdaq:CUTR), a leading provider of laser, light and
other energy-based aesthetic systems for practitioners worldwide,
today announced several changes to the composition and structure of
its Board of Directors.
Mr. Clint Severson joins Cutera as an independent Director. Mr.
Severson has more than 40 years of experience as an executive in
the medical and biotechnology industries. He is presently the
Chairman, Chief Executive Officer and President of Abaxis, Inc.
(Nasdaq:ABAX), a manufacturer of portable blood analysis systems.
Mr. Severson also serves on the Boards of Directors of Response
Biomedical Corporation (CDNX:RBM) and Trinity Biotech
(Nasdaq:TRIB). From February 1989 to May 1996, Mr. Severson served
as President and Chief Executive Officer of MAST Immunosystems,
Inc., a privately-held medical diagnostics company. In 2007 Mr.
Severson received the prestigious 'Entrepreneur of the Year' award
from Forbes Magazine. Mr. Severson stated: "I am delighted to have
been asked to join Cutera's Board at an exciting time in the
Company's development. I am very impressed with the quality and
superiority of the Cutera products and look forward to working with
the team on the next phase of Cutera's growth trajectory."
In addition, pursuant to an agreement with Voce Capital
Management LLC, Cutera has appointed J. Daniel Plants, the Managing
Partner of Voce Capital, to the Cutera Board as an independent
Director and the Chairman of its Strategic Transactions Committee.
Prior to founding Voce, Mr. Plants served as an investment banking
executive at several leading Wall Street firms, including Goldman
Sachs and JP Morgan; Mr. Plants currently serves as an independent
director of Destination Maternity Corporation (Nasdaq:DEST), a
specialty retailer. Mr. Plants stated, "As a long-term shareholder
in Cutera, we look forward to working with the Board of Cutera to
create value for all shareholders."
Pursuant to its agreement with Cutera, Voce Capital has agreed,
among other things, to vote all of its shares in favor of each of
the Board's nominees at the Company's 2015 Annual Meeting of
Stockholders. In addition, Voce Capital has agreed to certain other
customary standstill provisions. The complete agreement between
Cutera and Voce Capital will be included as an exhibit to a Current
Report on Form 8-K, which will be filed with the Securities and
Exchange Commission in the ordinary course.
Kevin Connors, President and Chief Executive Officer of Cutera,
stated: "On behalf of our Board, I welcome Clint and Dan to Cutera.
I am convinced that Clint's diverse and broad experience across
important industries in leading companies will add a valuable
perspective to our Board. Dan Plants is a highly respected investor
in the aesthetics space and we believe his strategic insights will
be of great value to the Board as we move forward."
Mark Lortz, an independent Director of Cutera, has retired from
the Board of Directors. Mr. Connors stated: "Mark has been a valued
member of our Board of Directors for more than 10 years. On behalf
of our Board, I want to thank him for his service and contributions
to the success of our Company."
Finally, the Board of Directors of Cutera has adopted a majority
voting standard in uncontested elections of Directors, effective
immediately. Previously, Directors were elected under a plurality
vote standard, in which candidates receiving the most votes were
elected, regardless of whether those votes constituted a
majority.
Mr. Connors concluded: "Cutera's Board remains sharply focused
on creating shareholder value. The actions announced today
underscore that commitment."
About Cutera, Inc.
Brisbane, California-based Cutera is a leading provider of
laser, light and other energy-based aesthetic systems for
practitioners worldwide. Since 1998, Cutera has been developing
innovative, easy-to-use products that enable physicians and other
qualified practitioners to offer safe and effective aesthetic
treatments to their patients. For more information, call
1-888-4CUTERA or visit www.cutera.com.
About Voce Capital Management
Voce Capital Management LLC is an employee-owned investment
manager and the advisor to Voce Catalyst Partners LP, a private
investment partnership. Voce Capital employs a value-driven,
governance-focused investment strategy and is based in San
Francisco, California.
CONTACT: Cutera, Inc.
Ron Santilli
Chief Financial Officer
415-657-5500
Investor Relations
John Mills
Integrated Corporate Relations, Inc.
646-277-1254
john.mills@icrinc.com
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