Douglas Devine, iRhythm’s chief operating officer, is resigning from the company as part of a broader organizational restructuring.
Devine’s resignation was announced on March 10, but he will continue as an executive adviser to the company through July 2024, according to a document filed with the U.S. Securities and Exchange Commission on Wednesday.
At the same time, the company announced that Daniel Wilson, who led corporate strategy and development and investor relations as an executive vice president, will now just focus on the latter two roles.
Devine joined iRhythm in 2020 as CFO, and served as interim CEO in mid-2021 until Quentin Blackford was hired for that post from Dexcom. The company will not replace Devine. His responsibilities will be distributed among other executives, William Blair analyst Margaret Kaczor wrote in a research note. The company also plans to hire a global head of operations with a more narrow focus on supply chain, logistics, and scaling volumes.
“We believe CEO Blackford has been systematically moving through the organization since joining (first starting with reimbursement, then commercial, and now operations) as he looks to take iRhythm toward its next step to be a larger digital healthcare organization from an earlier-stage medtech company,” Kaczor wrote. “After speaking with management, we believe the changes are being made thoughtfully (for example, customer care is now reporting to the commercial organization) and will allow Blackford to have a closer role to key functions in the organization.”
