Drake replaces Shar Matin, who has stepped down as CEO, the company announced yesterday.
Hunter Philbrick, Hellman & Friedman partner and company board member, noted in a news release that Drake has been on the board since H&F acquired the company from Cardinal Health in 2021.
“He has a long history building world-class medical device organizations, bringing to market groundbreaking patient-saving innovations and driving commercial excellence — along with the reputation of attracting, retaining, and developing world-class talent. Scott believes in Cordis’ ability to transform the medical industry, and with him as CEO, Cordis will achieve its vision of pioneering breakthrough cardiovascular technologies.”
During his six-year tenure as president and CEO of the Spectranetics Corp., Drake increased shareholder value from approximately $170 million to $2.2 billion. Philips acquired Spectranetics and its vascular intervention device tech for $2.2 billion in 2017. Drake is also the former board chair at AtriCure.
“I want to thank Shar for all he has done to stand Cordis up as an independent company,” said Drake, who added that he was thrilled to take on a more active role as CEO. “We are entering the next phase of the business, where Cordis is launching new products and driving a revolutionary business model with Cordis-X that will benefit our team, customers, patients, and shareholders.”