At the annual meeting of Titan Medical (TSX:TMD), shareholders voted against reelecting John Hargrove, CEO and chairman, as a director. Mr. Hargrove received 42% of votes cast in favor of reelection and 58% against.
Following the meeting, Mr. Hargrove tendered his resignation as a director of Titan Medical in accordance with the company’s majority voting policy and the board accepted.
The board also appointed director, Martin Bernholtz as interim chairman as the company searches for a new chairman. Mr. Hargrove will remain CEO of Titan Medical.
The company is concluding development of its SPORT Surgical System and submission of a 510(k) application to the FDA.
“Our search for a new director, who will also serve as chairman, will be intensive and widespread and our goal is to attract a proven leader in the medical device industry who will bring extensive experience, knowledge and relationships to Titan Medical’s board,” Mr. Bernholtz said in a statement.