US-based medical device company Cordis has named Scott Drake as its chief executive officer (CEO) with immediate effect.

Drake, who was previously the executive chairman of the Cordis board of directors, will succeed Shar Matin, who has resigned from the position.

Drake comes with more than 30 years of experience in the medical device industry.

He served as the president and CEO of Spectranetics, leading the company to increase its shareholder value from roughly $170m to $2.2bn in six years.

Drake has held positions on various boards of directors, such as Zayo Group Holdings, which was acquired for $14.3bn by Digital Colony and EQT, as well as Paragon 28, ViewRay, Bolder Surgical and the Medical Device Manufacturers Association (MDMA).

Additionally, he served as the chairman of AtriCure.

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In a statement, Drake said: “I want to thank Shar for all he has done to stand Cordis up as an independent company. I have been on the Cordis Board of Directors for over two years and I am thrilled to be taking 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.”

With operations in more than 70 countries across the world, Cordis is engaged in the development and manufacturing of interventional vascular technology. The company focuses on offering less-invasive cardiovascular products.