Invacare’s Chief Financial Officer to Resign

Invacare Corporation has announced the resignation of senior vice president and Chief Financial Officer (CFO) Robert K. Gudbranson, who will be leaving the company to pursue a new opportunity, effective Nov. 26. In submitting his resignation, Gudbranson did not express any disagreement with the company on any matter related to the company’s operations, policies or practices, including its controls or financial-related matters.
 
While the company performs an executive search to identify a successor to Gudbranson, Kathleen P. Leneghan, Invacare’s long-standing vice president and corporate controller, will assume the role of interim CFO. Leneghan has been with Invacare for 27 years, serving in various financial roles in North America and Europe. She has served as vice president and corporate controller since 2003. Prior to joining Invacare, Leneghan was an audit manager with Ernst & Young LLP.
 
“On behalf of everyone at Invacare and our Board of Directors, I want to thank Rob for his financial leadership and many contributions during his tenure as CFO, including serving as interim CEO from July 2014 to March 2015. We wish him success in his new endeavor,” said Matthew E. Monaghan, chairman, president and CEO. “We have full confidence in Kathy’s ability to lead our finance operations, and we expect a smooth transition. We are grateful for her experience and leadership while our search is underway for a new chief financial officer. Based on our progress with our business transformation, this is a good transition point.”
 
“I have enjoyed working at Invacare, and I wish the company well. I remain fully committed to helping Matt, Kathy and the Invacare team ensure a seamless transition over the next several weeks,” said Gudbranson.
 
Invacare Corporation is a manufacturer and distributor for medical equipment used in non-acute care settings. At its core, the company designs, manufactures and distributes medical devices that help people to move, breathe, rest and perform essential hygiene. The company provides clinically complex medical device solutions for congenital (e.g., cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g., stroke, spinal cord injury, traumatic brain injury, post-acute recovery, pressure ulcers) and degenerative (e.g., ALS, multiple sclerosis, chronic obstructive pulmonary disease (COPD), elderly, bariatric) ailments. The company sells its products principally to home medical equipment providers with retail and e-commerce channels, residential care operators, distributors and government health services in North America, Europe and Asia/Pacific.