BOSTON, Aug 17, 2009 (BUSINESS WIRE) -- Orthofix International N.V. (NASDAQ: OFIX) (the Company) announced today
that Kevin L. Unger has been appointed as President of the Company's
spinal implants division. Mr. Unger will report directly to Brad Mason,
who was previously named Group President of North America and has been
serving as the President of Orthofix Spinal Implants since September of
last year.
Mr. Unger joins Orthofix after more than 14 years with Stryker
Corporation, where he served the last five years as a Vice President and
General Manager in the MedSurg Division. While with Stryker Mr. Unger
held roles with increasing responsibility in marketing and sales, during
which he built sales organizations, was head of a global marketing
department and led business development initiatives. He helped create a
MedSurg business which grew from $30 million dollars to $200 million
dollars under his leadership.
"We are excited to welcome Kevin to Orthofix, and believe his many years
of experience in the global medical device industry will enable us to
continue the progress we have made within Orthofix Spinal Implants over
the last few quarters," said Alan Milinazzo, President & CEO of Orthofix
International. "Additionally and very importantly, Kevin has a strong
track record of driving superb financial results on a consistent basis."
Orthofix recently reported second quarter financial results which
included a strong performance in the spinal implants division with
growth of 12 percent over the prior year. Also, the Company recently
reported the successful full market release of Trinity Evolution, the
next generation adult stem cell-based allograft that has generated
significant interest from both spine and orthopedic surgeons.
About Orthofix International, N.V.
Orthofix International, N.V. is a global medical device company offering
a broad line of minimally invasive surgical, and non-surgical, products
for the spine, orthopedic, and sports medicine market sectors that
address the lifelong bone-and-joint health needs of patients of all
ages-helping them achieve a more active and mobile lifestyle. Orthofix's
products are widely distributed around the world to orthopedic surgeons
and patients via Orthofix's sales representatives and its subsidiaries,
including BREG, Inc. and Blackstone Medical, Inc., and via partnerships
with other leading orthopedic product companies. In addition, Orthofix
is collaborating in R&D partnerships with leading medical institutions
such as the Musculoskeletal Transplant Foundation, the Orthopedic
Research and Education Foundation, Rutgers University and the National
Osteoporosis Institute. For more information about Orthofix, please
visit www.orthofix.com.
Inducement Grants
As an inducement to Mr. Unger to enter into employment with the Company,
Mr. Unger has been granted an initial award of stock options to purchase
50,000 shares of the Company's common stock at an exercise price of
$26.77 per share. These options will vest in one-third annual increments
beginning on the first anniversary of his date of employment. The grant,
which was approved by the Company's compensation committee, was
made under a standalone inducement stock option agreement, but on terms
substantially the same as grants made under the Company's Amended and
Restated 2004 Long Term Incentive Plan and related stock option
agreement, pursuant to NASDAQ Marketplace Rule 5635(c)(4). This
agreement includes provisions for full accelerated vesting of the
options upon a change of control, or partial accelerated vesting in the
event of termination without cause as defined in the agreement.
SOURCE: Orthofix International, N.V.
Orthofix International, N.V.
Dan Yarbrough, 617-912-2903
Vice President of Investor Relations
danyarbrough@orthofix.com
Copyright Business Wire 2009