Implant Recall Leads to Resignations

The CEO and CFO of cochlear implant maker Sonova have resigned. An investigation commissioned by the company's board of directors revealed the company did not properly notify investors about a major correction in its profit report due to a recall by Advanced Bionics of its cochlear implant. Sonova bought the implant maker recently and voluntarily recalled its HiRes 90K cochlear implant. After the report became public, chief executive officer Valentin Chapero and chief financial officer Oliver Walker quit. The chairman of the Board of Directors, Andy Rihs, says he will step down from his position as well. Board member Alexander Zschokke has been named as interim-chief executive officer while board member Robert Spoerry will become Chairman.