09.21.11
Wright Medical Group Inc. has named Robert J. Palmisano as president and CEO. Palmisano's appointment was effective Sept. 17. Palmisano takes over for Gary Henley, who resigned in April, and interim president/CEO David D. Stevens, who remains board chairman.
“Bob is a proven leader with an impressive track record of building shareholder value,” Stevens said. “His ability to enhance operational and financial results will make him an ideal leader to take Wright Medical to the next level. In recent months, we have taken many positive steps to better position the company for success, including strengthening our compliance program and implementing a plan to reduce operational costs. We believe Bob is the right person to continue building on this progress, and we are delighted to welcome him to the team.”
Last week, Wright Medical announced plans to cut about 6 percent of its work force as part of a restructuring plan designed to boost growth and profitability. The company also is reducing the size of its international product portfolio and adjusting plant operations.
Palmisano most recently served as president and CEO of Plymouth, Minn.-based ev3 Inc. During his two-year tenure there, the company’s market capitalization more than tripled, from about $800 million in April 2008 to $2.6 billion in July 2010. He previously was president and CEO of Irvine, Calif.-based IntraLase Corp. and MacroChem Corp. in Lexington, Mass.
“I look forward to working together with the board, management and employees to help this company achieve its full potential,” Palmisano said.
Wright Medical temporarily is suspending its previously announced outlook for sales and earnings as Palmisano transitions into his new role. More information will be provided when the company releases third-quarter earnings.
“Bob is a proven leader with an impressive track record of building shareholder value,” Stevens said. “His ability to enhance operational and financial results will make him an ideal leader to take Wright Medical to the next level. In recent months, we have taken many positive steps to better position the company for success, including strengthening our compliance program and implementing a plan to reduce operational costs. We believe Bob is the right person to continue building on this progress, and we are delighted to welcome him to the team.”
Last week, Wright Medical announced plans to cut about 6 percent of its work force as part of a restructuring plan designed to boost growth and profitability. The company also is reducing the size of its international product portfolio and adjusting plant operations.
Palmisano most recently served as president and CEO of Plymouth, Minn.-based ev3 Inc. During his two-year tenure there, the company’s market capitalization more than tripled, from about $800 million in April 2008 to $2.6 billion in July 2010. He previously was president and CEO of Irvine, Calif.-based IntraLase Corp. and MacroChem Corp. in Lexington, Mass.
“I look forward to working together with the board, management and employees to help this company achieve its full potential,” Palmisano said.
Wright Medical temporarily is suspending its previously announced outlook for sales and earnings as Palmisano transitions into his new role. More information will be provided when the company releases third-quarter earnings.