The company announced plans for international hub for developing new medial devices in Co Wexford
Former Permanent TSB chief Jeremy Masding joined the board of medical device firm i360 Medical last year, it has emerged.
The move was announced today as i360 Medical moves into a new development phase.
Mr Masding – who joined Permanent TSB (PTSB) as its chief executive the wake of the financial crisis in 2012 and remained in place until July last year – is credited with leading the bank’s turnaround and ensuring its survival following the banking crash in 2008.
He led PTSB from an operating loss of around €1.5bn in 2011 to an operating profit of close to €70m in 2019.
He has also held a number of other senior roles in the financial sector, including at Barclays PLC.
During his leadership of the bank, Permanent TSB was fined €21m by the Central Bank for “serious failings” that affected more than 2000 tracker mortgage customers.
Derek Young, i360 Medical founder and CEO, said Mr Masding will be “a tremendous asset to the company”.
“Our vision has always been to engage a team of global experts to help us improve patient care and outcomes for patients by identifying innovative solutions and then ensuring they are brought to market as quickly as possible.
"We believe Jeremy will make a key contribution to our leadership team.”
Jeremy Masding said i360 had a “unique business model” and was “primed for scaling”.
He added that “several projects are now moving towards fruition” for the firm.
It follows the appointment of leading US investor and med-tech innovator Bob Mitchell as interim chair of the i360 board.
The company announced last year that it was setting up an international hub for developing new medial devices in Co Wexford.
And it exited 12 successful investments – including with United States pharmaceutical giant Johnson & Johnson and medical device firm Boston Scientific.
Mr Young also advises the European Institute of Innovation Technology on new medtech and healthcare ideas, helping to develop them into commercially viable products.