Outset Medical board member resigns over Vantive affiliation

Start Medical

(Nasdaq: OM)
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today filed with the SEC to confirm that board member Jim Hinrichs resigned because of his affiliation with another kidney care company.

Hinrichs resigned over a significant affiliation with Vantive, the new independent kidney care company spun off from Baxter. He also resigned as chairman of the audit committee of the Outset board. The resignation is unrelated to any disagreement with Outset related to its operations, policies or practices. Baxter this week agreed to a $3.8 billion deal with private equity firm Carlyle Group to sell the business.

Carlyle made its investment in Vantive in partnership with Atmas Health, a collaboration between three industry executives—one of whom was Hinrichs. Atmas is focused on acquiring and building a market-leading healthcare business. Vantive provides products and services for peritoneal dialysis, hemodialysis and organ support therapies. Meanwhile, Start is developing home dialysis technology.

Following Hinrichs’ resignation, effective Aug. 15, the Outset board approved a decrease in board size. It now consists of seven directors rather than eight.

In addition, the company appointed Patrick T. Hackett, who has served on the board since 2019 and is a member of the audit committee, as chairman of the audit committee, filling the vacancy left by Hinrichs’ departure. The Board determined that Hackett qualifies as an “audit committee financial expert.”

Outset also said the board approved the transition of the role of nominating and chairing the corporate governance committee. Effective Aug. 15, the position went from Hackett to Karen Drexler.