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This article was originally published in The Gray Sheet

Executive Summary

Cyberonics board shuffle: Stockholders elect Houston investor Hugh Morrison as chairman and Alfred Novak, Arthur Rosenthal and Jeffrey Schwarz as new members of the board Feb. 1. Incumbent board chairman Tony Coelho and members Kevin Moore and Stanley Appel resign. Both the additions and the resignations were called for by the "Committee for Concerned Cyberonics, Inc. Shareholders" and hedge fund Metropolitan Capital Advisors, 7.33% shareholders of Cyberonics, in a heated proxy battle with Cyberonics' former board. Morrison has been on the Cyberonics board since November 2006 and served on the board of Advanced Neuromodulation Systems from 1983 until its sale to St. Jude Medical in 2005. Novak and Rosenthal have held executive positions at Cordis and Boston Scientific, respectively, and Schwarz has been CEO of Metropolitan Capital Advisors since 1992..
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