plans to lay off 137 employees at its Pittsburgh, Pennsylvania location by the end of this year.
Shares of LIVN fell 0.7% at $50.37 apiece in midday trading today.
The Pennsylvania Dept. of Labor and Industry included LivaNova in its January notices under the Worker Adjustment and Retraining Notification (WARN) Act. Layoffs began taking effect on Jan. 31 and end at the end of 2024. Listed as a layoff, rather than a closure, the reduction affects employees at the LivaNova USA facility at 620 Alpha Drive #2 in Pittsburgh.
News of the layoffs comes at an interesting time for LivaNova. The company earlier this week appointed a new CEO after a 10-month search to fill its corner office. Vladimir A. Makatsaria, a longtime Johnson & Johnson executive, took over as the company’s CEO and takes up a board seat as well.
Makatsaria takes over amid a time of change at LivaNova. The company announced last month that it planned to wind down its advanced circulatory support (ACS) business unit. This orderly wind-down came as part of an effort to focus on the company’s core cardiopulmonary (CP) and neuromodulation units.
Then-interim CEO Bill Kozy, currently the chair of LivaNova’s board, said at the time that the company determined that exiting ACS and focusing resources on CP and neuromodulation businesses “creates greater innovation opportunities for our customers, their patients and shareholders.”
LivaNova did not immediately respond to MassDevice’s request for comment. This story may be updated.