EV3 Loses CEO, 13% of Stock Price

James Corbett has been replaced by Robert Palmisano as CEO and president and by Dan Levangie as chairman.EV3 shares have dropped 40% over the past year, mostly because of problems with integrating FoxHollow Technologies Inc., which it bought in October. The combined firm has seen declining U.S. sales of products that remove plaque from arteries.But Palmisano, who previously helmed IntraLase Corp. and Summit Autonomous and engineered successful sales of those firms, sees EV3's prospects as bright. He said that he thinks the firm's product offerings and strategies are sound, but that execution needs to improve. Piper Jaffray analyst Tom Gunderson, a longtime champion of EV3 and FoxHollow, agrees.FoxHollow was named one of MD&DI's Medical Manufacturers of the Year in 2005.