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Orthofix Announces Leadership Changes
September 12, 2023
Orthofix Medical Inc. (NASDAQ: OFIX), a leading global spine and orthopedics company, today announced that Catherine Burzik, Chair of the Orthofix Board of Directors, has been appointed Interim Chief Executive Officer; Geoffrey Gillespie, Orthofix Vice President, Corporate Controller, has been appointed Interim Chief Financial Officer; and Puja Leekha, Orthofix Senior Vice President, Chief Ethics and Compliance Officer, has been appointed Interim Chief Legal Officer. The appointments are effective immediately and follow the unanimous decision by the Board’s independent directors to terminate for cause Keith Valentine, John Bostjancic and Patrick Keran from those respective roles. The Board also requested that Mr. Valentine resign from the Board. The Board will immediately begin a search for permanent successors.
The Board’s decision follows an investigation conducted by independent outside legal counsel and directed and overseen by the Company’s independent directors. As a result of the investigation, the Board determined that each of these executives engaged in repeated inappropriate and offensive conduct that violated multiple code of conduct requirements and was inconsistent with the Company’s values and culture. These matters are unrelated to and do not impact the Company’s strategy, results of operations or previously filed financial statements.
Catherine Burzik, Chair of the Orthofix Board, said, “Orthofix’s core values are built around fostering, cultivating and preserving a culture that is respectful, and we do not condone harassing or inappropriate conduct or statements of any kind. We require all employees – and especially our leaders – to behave in accordance with the Company’s values. The Board did not make these decisions lightly. We believe they are necessary to ensure our employees, investors, customers, and other stakeholders have confidence in the Company’s leaders.”
Stuart Essig, Ph.D., Chair of the Board’s Nominating, Governance & Sustainability Committee, said, “Cathy is among the most respected executives in medtech with more than 30 years of experience across the diagnostics, life sciences and medical device industries. Her leadership on the Orthofix Board and her record guiding other global companies, including as CEO, made her the natural choice to serve as Interim CEO at Orthofix. We know that Cathy, along with our proven business unit leaders and teams, will help ensure the continued execution of the Company’s strategy and a smooth transition while the Board conducts its executive search.”
Ms. Burzik continued, “Sales momentum and progress on integration initiatives demonstrate the strength of our differentiated spine and orthopedics solutions, and the caliber of our business unit leaders and teams that know how to execute. Our expanded portfolio is driving cross-selling opportunities, making us a stronger partner to distributors and the surgeons who rely on our technology for the patients they treat.”
Ms. Burzik added, “With our merger closed earlier this year, I have come to know well our business leaders and have the utmost confidence in them. We are fortunate to benefit from a broad team who has a solid understanding of our combined company, is executing our integration plan and is delivering the benefits we expected when the transaction was announced. The appointments today tap into this talent. We thank Geoff and Puja for stepping into their expanded roles. I look forward to working closely with them and the outstanding teams across the organization.”
On January 5, 2023, Orthofix and SeaSpine merged to form a leading global spine and orthopedics company with a comprehensive portfolio of biologics, innovative spinal hardware, bone growth therapies, specialized orthopedic solutions, and a leading surgical navigation system. Its products are distributed in approximately 68 countries worldwide.
The Company is headquartered in Lewisville, Texas and has primary offices in Carlsbad, CA, with a focus on spine and biologics product innovation and surgeon education, and Verona, Italy, with an emphasis on product innovation, production, and medical education for orthopedics. The combined Company’s global R&D, commercial and manufacturing footprint also includes facilities and offices in Irvine, CA, Toronto, Canada, Sunnyvale, CA, Wayne, PA, Olive Branch, MS, Maidenhead, UK, Munich, Germany, Paris, France and Sao Paulo, Brazil. A new name for the combined entity will be announced at a future date; the Company will continue to operate as Orthofix until said announcement.
See Full Press Release at the Source: Orthofix Announces Leadership Changes
Press Release by: Orthofix
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