The board of Globus Medical (GMED) has named David Demski as Chief Executive Officer, effective immediately. Mr. Demski will report to David Paul, who has taken on the role of Executive Chairman. Mr. Demski's former role as President, Emerging Technologies is not expected to be backfilled.
The transition allows Mr. Paul to focus on strategic guidance and also allows him several months to recover from a health condition. Paul plans to remain actively involved with Globus throughout and after his recovery, focusing at a high level on product innovation, research, regulatory and other issues.
Mr. Demski's tenure at Globus began as Chief Financial Officer from 2003, when the company was founded, until 2008. In 2008, he was named President and Chief Operating Officer, and in 2015, he became President, Emerging Technologies, overseeing initiatives in imaging, navigation, robotics and orthopaedic trauma.
The leadership change occurs in the midst of new directions for Globus. The level of surgeon interest in the newly-FDA-cleared Excelsius GPS robotic guidance and navigation system is noted as being unprecedented in GMED's history of products, and its launch is a priority focus representing a new revenue stream that will support the use of GMED implants. With the first of the company's orthopaedic trauma products cleared and slated for 2017 launch, a ramp-up in sales staff to support that market entry will continue. On the call to discuss the news, Mr. Demski affirmed that full-year revenue guidance of $625MM remains unchanged.
Sources: Globus Medical, Inc.; ORTHOWORLD Inc.