Biomet Pegs Binder as CEO

Warsaw, IN-based Biomet has named Jeffrey R. Binder as the company’s new president and chief executive officer to replace Daniel. P. Hann who was the firm’s interim CEO.

Binder becomes the permanent head after co-founder Dane Miller resigned as Biomet’s president and chief executive officer last March. Binder comes over from Abbott Park, IL-based Abbott Laboratories where he was senior vice president of diagnostics. He was also president of Abbott Spine during his four years at Abbott.

“After an extensive search, we are extremely pleased to have a proven leader with strong experience in leading companies in the orthopedic medical device industry,” said Niles L. Noblitt, chairman of the board. “We are also very appreciative of the excellent leadership and management provided by Dan Hann since he assumed the role of interim president and CEO nearly one year ago.”

Hann remains with Biomet as executive vice president of administration and a member of the board of directors.

Binder comes into Biomet after it was acquired by a consortium of private equity firms in December. Biomet plans to go private once the deal is finalized which is expected to be in October.

Last week, the Federal Trade Commission gave the go-ahead for the merger, but there are several other requirements that must be satisfied before the deal is completed, including a vote of approval from Biomet’s shareholders.