Trimedyne Shuffles Management
IRVINE, Calif., July 20 -- Trimedyne Inc. said that its chairman and founder, Marvin P. Loeb, has resumed the duties of president and CEO following the resignations of William J. Schubert Jr., who served as vice chairman and CEO for the past seven months, and Shane H. Traveller, president and COO, who served as president and COO for the past 16 months. Stephen J. Byrne was named vice president-operations, having previously been vice president OF manufacturing.
"Our company is in good hands," said Loeb. "We have a capable management team with many years of experience in our business and we are confident in our future. Due to our aggressive cost-cutting program and increasing interest in our outpatient ELL procedure (endoscopic laser lithotripsy for fragmentation of urinary stones) and outpatient ELF procedure (endoscopic laser for aminoplasty for the decompression of herniated lumbar discs), we hope we may be able to reach breakeven on a cash flow basis by the last calendar quarter of 2001."
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