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InVivo
Therapeutics Holdings Corporation Names Former Siemens CEO George Nolen
Lead Director
InVivo Therapeutics (OTCBB: NVIV), a company focused on the development of groundbreaking technologies for the treatment of spinal cord injuries (SCI), today announced that the company's Board of Directors has appointed George Nolen, former President and CEO of Siemens Corporation and a Director of InVivo, to the position of Lead Director, effective December 10, 2010. As Lead Director, Mr. Nolen will provide independent leadership for the Board, assist the Board in the execution of its duties and responsibilities and act as an ex-officio member of each board committee. Mr. Nolen was appointed Director to the InVivo Board of Directors on December 11, 2009. Frank Reynolds, CEO of InVivo, currently serves as the Chairman of the Board.
"InVivo Therapeutics'
technology holds the potential to revolutionize the treatment for spinal
cord injuries," said Mr. Nolen. "The company has great momentum
behind it and continues to execute on its strategy, including the recent,
successful completion of a reverse merger and financing, as well as the
launch of its manufacturing facility. I look forward to enhancing my governance
and guidance responsibilities to the company as Lead Director during this
exciting time."
"I have benefitted from George's guidance for many years, both at
Siemens and now as CEO of InVivo, and it gives me great pleasure to see
him assume the role of Lead Director during this important period in InVivo's
development," said Frank Reynolds, CEO of InVivo Therapeutics. "George's
extensive management experience will continue to provide value to InVivo,
and we thank him for his stewardship."
Mr. Nolen is the former President and Chief Executive Officer of Siemens Corporation, the U.S. subsidiary of Siemens, AG, a global leader in industry, energy and healthcare. He served in a number of positions during his 26 year career with Siemens, becoming the first American to run the company's U.S. operations in January 2004. By 2009, He was responsible for 69,000 employees and $22 billion in revenue.
Mr. Nolen oversaw more than $17 billion in strategic acquisitions in the energy, healthcare, and industrial sectors for Siemens USA, positioning the company as a leading U.S. and global player in these key industries. Prior to his role as Siemens USA's CEO, he served as President of Siemens' Information and Communications division, overseeing this $2 billion business from 1998 to 2004.
As CEO, Mr. Nolen was active in the Business Roundtable, the Executive Committee of the U.S. Chamber of Commerce, and as a director on the Board of the New York Hall of Science. Currently, he serves on the Advisory Board of Madison Capital Partners and is Rector of the Board of Visitors at Virginia Tech University, where he is an alumnus.
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