Picard Medical names interim CEO after leadership change

Picard Medical, Inc. (NYSE American: PMI), parent company of SynCardia Systems, LLC, announced that Patrick NJ Schnegelsberg stepped down as Chief Executive Officer and as a member of the company's Board of Directors, effective June 18, 2026.

The company stated that Schnegelsberg's departure was not the result of any disagreement with the company on matters relating to its operations, policies, or practices.

The Board appointed Richard Fang, Ph.D., who previously served as Executive Chairman, as Interim Chief Executive Officer. Fang will retain his role as Chairman of the Board while the company conducts a search for a permanent CEO.

Fang is a founder and managing partner of Hunniwell Lake Ventures LLC, a medical technology-focused venture capital firm founded in 2019. In 2005, he founded Reach Surgical, a minimally invasive surgical instruments company, which he led for 15 years before its sale to a private equity buyer. He holds an MBA from the University of Cincinnati and a Ph.D. in Physics from Purdue University in Indianapolis.

"Our mission remains unchanged: supporting patients with advanced biventricular heart failure, serving our clinical partners, and continuing to advance innovative technologies designed to expand treatment options," Fang said in a statement.

SynCardia manufactures the SynCardia Total Artificial Heart, which the company says has been implanted in more than 2,100 patients across 27 countries. The device holds approval from both the U.S. Food and Drug Administration and Health Canada.

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