Malvern-based Neuronetics has seen its shares surge following the appointment of Keith J. Sullivan as the medical device company’s new president and CEO, writes Ryan Sharrow for the Philadelphia Business Journal.

He replaces Christopher Thatcher, who stepped down in March after more than six years in the role.

Sullivan, who is an industry veteran, also took a seat on Neuronetics’ board. His appointment is effective immediately. The news boosted Neuronetics’ stock by around 21 percent on Wednesday, the day of the announcement.

The new executive has spent more than 30 years in the medical device industry. His most recent position was president and chief commercial officer of Aesthetics.

Sullivan said he is “excited to join Neuronetics and work with the team to reinvigorate our business, optimize our go-to-market strategy, drive innovation, and deliver premier service to our customers and the patients they treat.”

Neuronetics currently has more than 170 employees and generated revenue of $62.7 million last year.

Read more about Neuronetics in the Philadelphia Business Journal here.

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