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Orthofix Medical 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, which will immediately begin a search for permanent successors.
As a result of independent investigation, the Board determined that 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.
Orthofix’s investor day planned for September 20, 2023 has been postponed.
Catherine Burzik was President and CEO of Kinetic Concepts from 2006 until its sale in 2011. Prior to that, Ms. Burzik served as President of Applied Biosystems Group and held senior executive positions at Eastman Kodak and Johnson & Johnson.
Geoffrey Gillespie has served as the Vice President-Corporate Controller of Orthofix since 2021, and previously served as Senior Director of U.S. Accounting and Consolidations for over nine years. Prior to joining Orthofix, Mr. Gillespie held various financial reporting management roles at Flowserve, and prior to that, at Deloitte for over seven years.
Puja Leekha joined Orthofix in 2023 as Senior Vice President, Chief Ethics and Compliance Officer. Prior to joining Orthofix, Ms. Leekha spent more than 18 years in a variety of legal and compliance roles within the medical device and pharmaceutical industries, including with Stryker and Lundbeck Pharmaceuticals.
In January 2023, Orthofix and SeaSpine merged to form a leading global spine and orthopedics company with a portfolio of biologics, spinal hardware, bone growth therapies, specialized orthopedic solutions and a surgical navigation system. Its products are distributed in approximately 68 countries worldwide.
In its second-quarter earnings call, the company provided 2023 sales guidance between $752 million and $758 million. That amount would make it the 10th largest company in orthopedics. However, we anticipate a potential revision to the guidance as the impact of the leadership change becomes clear during the third quarter.
Source: Orthofix
Orthofix Medical 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,...
Orthofix Medical 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, which will immediately begin a search for permanent successors.
As a result of independent investigation, the Board determined that 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.
Orthofix’s investor day planned for September 20, 2023 has been postponed.
Catherine Burzik was President and CEO of Kinetic Concepts from 2006 until its sale in 2011. Prior to that, Ms. Burzik served as President of Applied Biosystems Group and held senior executive positions at Eastman Kodak and Johnson & Johnson.
Geoffrey Gillespie has served as the Vice President-Corporate Controller of Orthofix since 2021, and previously served as Senior Director of U.S. Accounting and Consolidations for over nine years. Prior to joining Orthofix, Mr. Gillespie held various financial reporting management roles at Flowserve, and prior to that, at Deloitte for over seven years.
Puja Leekha joined Orthofix in 2023 as Senior Vice President, Chief Ethics and Compliance Officer. Prior to joining Orthofix, Ms. Leekha spent more than 18 years in a variety of legal and compliance roles within the medical device and pharmaceutical industries, including with Stryker and Lundbeck Pharmaceuticals.
In January 2023, Orthofix and SeaSpine merged to form a leading global spine and orthopedics company with a portfolio of biologics, spinal hardware, bone growth therapies, specialized orthopedic solutions and a surgical navigation system. Its products are distributed in approximately 68 countries worldwide.
In its second-quarter earnings call, the company provided 2023 sales guidance between $752 million and $758 million. That amount would make it the 10th largest company in orthopedics. However, we anticipate a potential revision to the guidance as the impact of the leadership change becomes clear during the third quarter.
Source: Orthofix
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JV
Julie Vetalice is ORTHOWORLD's Editorial Assistant. She has covered the orthopedic industry for over 20 years, having joined the company in 1999.
