Vision builders.

• Author: Ryther, Sarah
• Position: CEO of the YEAR - Company overview

Utah's business landscape is rich with professionals who have led the Beehive State's economy to success. But each year a few individuals stand out above the rest. These eight professionals exude innovation, show sound business judgement and have seen proven financial success. Whether in the private, public, government or nonprofit sector, these individuals have proven to be successful leaders within their companies and their communities. Please join us in recognizing this impressive group of professionals who are taking Utah's economy to a higher level.

Jeff SOinski | Specialized Health Products International, Inc.

For Jeff Soinski, president and CEO of Specialized Health Products International (SHPI), the key to operating a successful business is to always focus on ways to get better, even when things are going great.

And that's just what's happening at SHPI. a company that develops and manufactures disposable medical products. The company achieved banner results in 2007. Revenue grew by 52 percent to $17.4 million and earnings improved by $3.4 million. SHPI also began shipping two new manufactured product lines and plans to launch two additional products in 2008. The company has also recently established distribution agreements with leading multinational medical product companies around the world.

But life at SHPI wasn't always so rosy. When Soinski joined the company in 2001, trouble was on the horizon. The company reported approximately $520,000 in revenue and a $3.4 million net loss. Times have certainly changed; under Soinski's leadership, SHPI enjoyed $2 million in net income in 2007.

"The one thing that I focused on when I became CEO is the transition of SHPI from an underperforming, early stage R&D company, to a successful operating company, with multiple revenue streams and strategic relationships," Soinski says. "We now have 12 marketed products, licensed agreements with many leading companies and partnerships around the world."

Soinski says that growth is essential to the success of a small public company. "At the end of the day, we're here to drive shareholder value and to continue to grow and expand. I'd say that our mantra is to really focus this company around driving profitable growth."

Growth begins with research. "We do a lost of analysis up front and a tremendous amount of market research," Soinski says. "We talk to our users, so we can understand their needs, and then we deliver that product. Many small companies won't make that investment to do research up front because they feel they can't afford to. Well, I feel we can't afford not to."

Teamwork is also vital to SHPI's success, Soinski says. "I can't stress enough how important our team is. I have surrounded myself with a good team and with great senior managers. And the most important part of our team is that we're all working together towards one goal."

According to David Green, CFO at SHPI, it's Soinski's ability to lead the team that has equaled success for the company. "Jeff is a very collaborate manager, especially with the senior management team. If his team doesn't have an answer, he's able to change his question to get an answer. One of the strongest aspects of his characteristics is how he manages the team and his vision for how everyone fits together. He's able to see the big picture, but he's also comfortable with the details."

As SHPI continues to see success, Soinski says that the challenge he faces now is keeping the company moving. "We've had a lot of momentum, so now we need to continue to work hard and not lose that momentum," he says. "What we're going to do is continue to invest significantly in R&D, launch new products and expand our geographic territory. We're going to continue evolving and continue getting better."

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Sam Westover | Sonic Innovations

Working is what gets Sam Westover, CEO of Sonic Innovations, out of bed each morning. "I honestly love my job. I get more energy out of working than almost anything else," he says.

And that energy has paid off. In 2007, Sonic Innovations' stock increased 48 percent and revenue increased 16 percent. Today, Sonic Innovations is the second largest U.S. hearing aid manufacturer, and one of the leading hearing aid companies in the world.

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Westover joined Sonic Innovations as CEO in 2006 during a period when the company needed some serious direction. At the time, the company was being run by scientists and engineers who believed that if they created the best hearing aids, everyone would buy them. But the company lacked a strong management team, and sales weren't happening. "I had to make a lot of changes to get it moving. I brought in people and turned the focus on our customers and their needs," Westover says.

And that's where the focus has stayed. "Everything we do starts with the customer," Westover says. "If you can figure out what your customer wants, focus on that and build on that, then you'll be successful."

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Westover applies this customer-oriented approach to all aspects of his management style. "We have different customer segments around the world, so we really need to understand our customer and their different needs, so we...