Appoints Kirt P.
Karros to Board of Directors
REDWOOD
CITY, Calif., Feb. 21,
2024 /PRNewswire/ -- Nevro Corp. (NYSE: NVRO), a
global medical device company that is delivering comprehensive,
life-changing solutions for the treatment of chronic pain, today
announced that it has entered into a Cooperation Agreement with
Engaged Capital, LLC ("Engaged Capital"), pursuant to which
Kirt P. Karros has been appointed to
Nevro's Board of Directors ("the Board") as well as the Audit
Committee of the Board effective February
20, 2024.
Mr. Karros is an accomplished finance executive with extensive
experience in finance, including capital allocation and financial
planning and analysis, as well as strategic planning, risk
management, mergers and acquisitions, investment management and
investor relations.
"We are pleased to welcome Kirt
Karros to our Board. He brings a wealth of finance, strategy
and investment experience that will further enhance our Board,"
said Keith Grossman, Chairman of
Nevro's Board.
"We appreciate our collaborative and constructive engagement
with Nevro's Board and members of its executive management team and
are pleased to have reached an agreement to bring Kirt into the
boardroom. Kirt's experience as both an investor and corporate
finance professional will bring valuable experience in the areas of
capital allocation and financial management that we believe will
benefit all Nevro stockholders," said Glenn
W. Welling, Founder and Chief Investment Officer at Engaged
Capital.
Kirt Karros Bio
Since November 2015, Mr. Karros
has served as Senior Vice President, Finance and Treasurer of
Hewlett Packard Enterprise, and previously served as Senior Vice
President, Finance and Treasurer as well as Head of Investor
Relations of Hewlett Packard Company. Prior to joining Hewlett
Packard Company, Mr. Karros was a Principal and Managing Director
of Research at Relational Investors LLC and a member of the firm's
investment committee. While at Relational Investors, he assisted in
identifying, evaluating, monitoring, and engaging portfolio
companies and led the research team that focused on the technology,
media, telecommunications, and energy sectors. Mr. Karros currently
serves as the Executive Chairman of H3C Technologies and previously
served on the board of directors of both PMC-Sierra, Inc. and
Innerworkings, Inc., where he was a member of the Compensation
Committee for both companies.
Previously, Mr. Karros was an investment banker at Relational
Advisors LLC where he advised clients on mergers and acquisitions
and capital markets' financings and was an accountant at Arthur
Andersen LLP. He is a Certified Public Accountant (inactive) and
holds the professional designation of Chartered Financial Analyst.
Mr. Karros earned his B.A. in Business Administration and Master of
Science in Accounting from San Diego State
University.
About Nevro
Headquartered in Redwood City,
California, Nevro is a global medical device company focused
on delivering comprehensive, life-changing solutions that continue
to set the standard for enduring patient outcomes in chronic pain
treatment. The company started with a simple mission to help more
patients suffering from debilitating pain and developed its
proprietary 10 kHz Therapy™, an evidence-based, non-pharmacologic
innovation that has impacted the lives of more than 100,000
patients globally. Nevro's comprehensive HFX™ spinal cord
stimulation (SCS) platform includes the Senza® SCS system and
support services for the treatment of chronic pain of the trunk and
limb and painful diabetic neuropathy.
Nevro recently added a minimally invasive treatment option for
patients suffering from chronic sacroiliac joint ("SI joint") pain
and now provides the most comprehensive portfolio of products in
the SI joint fusion space, designed to meet the preferences of
physicians and varying patient needs in order to improve outcomes
and quality of life for patients.
Senza®, Senza II®, Senza
Omnia®, and HFX iQ™ are the only SCS systems that
deliver Nevro's proprietary 10 kHz Therapy™. Nevro's unique support
services provide every patient with HFX Coach™ support throughout
their pain relief journey and every physician with HFX Cloud™
insights for enhanced patient and practice management.
SENZA, SENZA II, SENZA OMNIA, OMNIA, HF10, the HF10 logo, 10 kHz
Therapy, HFX, the HFX logo, HFX iQ, the HFX iQ logo, HFX Algorithm,
HFX CONNECT, the HFX Connect logo, HFX ACCESS, the HFX Access logo,
HFX COACH, the HFX Coach logo, HFX CLOUD, the HFX Cloud logo,
RELIEF MULTIPLIED, the X logo, NEVRO, and the NEVRO logo are
trademarks or registered trademarks of Nevro Corp. Patents covering
Senza HFX iQ and other Nevro products are listed at
Nevro.com/patents.
To learn more about Nevro, connect with us on LinkedIn, X,
Facebook, and Instagram.
About Engaged Capital
Engaged Capital, LLC ("Engaged Capital") is an investment
advisor with a private equity-like investing style in the U.S.
public equity markets. Engaged Capital seeks to help build
sustainable businesses that create long-term stockholder value by
engaging with and bringing an owner's perspective to the
managements and boards of undervalued public companies and working
with them to unlock the embedded value within their businesses.
Engaged Capital focuses on delivering superior, long-term,
risk-adjusted returns for its limited partners. Engaged Capital was
established in 2012 and is based in Newport Beach, California. Learn more
at www.engagedcapital.com.
Investor and Media Contact:
Angie McCabe
Vice President, Investor Relations & Corporate
Communications
angeline.mccabe@nevro.com
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SOURCE Nevro Corp.
