Drake succeeds Duke Rohlen, who served as executive chair since Hellman & Friedman and KKR acquired the company from Cardinal Health in 2021. Rohlen will stay on the company’s board of directors and will continue to serve as CEO of both the Cordis-X independent innovation accelerator and Ajax Health.
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, according to Cordis. Philips acquired Spectranetics and its vascular intervention device tech for $2.2 billion in 2017. Drake is also the former chair at AtriCure.
According to the company, Drake will provide the leadership experience needed to effectively integrate the potential of the Cordis-X accelerator into the operational company.
“I’m excited to lead this organization, accompanied by two skilled CEOs in Duke and Shar Matin, and working closely with a committed board of directors,” Drake said in a news release. “We are entering the next phase of the business, where Cordis and Cordis-X will come together to deliver a revolutionary business model and incredible value to our patients, clinicians, teammates, and shareholders.”