Randy Thurman Named Chairman; Expands Board to Eight Directors
LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix International N.V. (NASDAQ:OFIX) (the Company) today announced
the addition of Randy Thurman and Kathleen ("Kathy") Regan as new
independent directors to the Company's Board, effective immediately. Mr.
Thurman succeeds Jim Gero as Chairman of the Board. Mr. Gero, who has
served on Orthofix's Board since 1998 and as Chairman since 2005, has
retired from the Board upon the appointment of Mr. Thurman and has
agreed to serve as a consultant to the Board until January 2015. With
these appointments, the Orthofix Board of Directors is comprised of
eight members, seven of who are independent and all of whom are annually
elected.
"On behalf of the Board of Directors, the Orthofix management team and
all employees, I want to thank Jim for his many years of service and
tireless commitment to Orthofix," said Brad Mason, President and Chief
Executive Officer of Orthofix. "Jim's leadership and guidance have been
integral to Orthofix and its growth, and we wish him the best in his
future endeavors."
Mr. Gero said, "I am honored to have served on the Orthofix Board for 16
years, the last nine as Chairman. Over the past several months, the
Board and I have searched for potential new board candidates, and I'm
excited that we've found and been able to appoint two outstanding new
directors in Randy and Kathy. With their addition, I feel it's the right
time for me to retire as a director and Chairman, and I look forward to
assisting the Board as a consultant."
"Randy and Kathy are two exceptional leaders in the healthcare industry
and we are delighted to welcome them to our Board of Directors," said
Mr. Mason. "Over the past few months we have reorganized our business to
try to better focus on operational performance and increase the
Company's growth potential. We believe our new directors bring a wide
range of industry, financial and general business experience to
Orthofix. We are confident that Randy's operational, CEO and Chairman
experience will help us as we work towards stabilizing and driving our
organic business, and that Kathy's extensive M&A background will be
invaluable to potential future inorganic growth opportunities."
"I am extremely enthusiastic about joining Orthofix at a time when I
believe it is positioned for significant value creation," said Mr.
Thurman. "Brad has assembled an exceptional leadership team, and I am
very impressed by the operational improvements that are being
implemented at the Company. I see this as an inflection point in
Orthofix's future, and I look forward to working with Brad and his team
to capitalize on the many opportunities that lie ahead."
Randy Thurman
Randy Thurman currently serves as a consulting advisor in private equity
and has worked with firms such as New Mountain Capital LLC and AEA
Investors LP. Prior to that, he was a Founder, Chairman & CEO of VIASYS
Healthcare Inc., a global leader in respiratory and neurological
diagnostics, critical care, medical/surgical technologies and orthopedic
product development and manufacturing. Mr. Thurman was named an Ernst &
Young Entrepreneur of the Year in 2007. Prior to joining VIASYS
Healthcare Inc., he was Founder and CEO of Strategic Reserves LLC, which
provided advisory services to bio-pharmaceutical, genomic and medical
device companies. He also previously served as Executive Chairman of
Enzon Inc., a publicly traded biopharmaceutical company, and as Chairman
& CEO of Corning Life Sciences, Inc., Corning Incorporated's health care
division and the predecessor to Quest Diagnostics Incorporated and
Covance Inc. Earlier in his career, Mr. Thurman was with Rorer
Pharmaceuticals Inc., where he led its successful acquisition of Revlon
Healthcare and subsequent merger with Rhône-Poulenc. He subsequently
served as President of Rorer Pharmaceuticals Inc. and Rhone-Poulenc
Rorer Pharmaceuticals Inc. His extensive governance experience includes
being Executive Chairman of Cogent Healthcare and a director of
Allscripts Inc., Arno Therapeutics and Presbia Inc.Mr. Thurman
completed Wharton's Corporate Governance program. Mr. Thurman served as
a U.S. Air Force fighter pilot in Vietnam and graduated from the U.S.
Air Force Air Command & Staff College. Mr. Thurman received a B.S. in
economics from Virginia Polytechnic Institute and an M.A. in management
from Webster University.
Kathleen Regan
Kathleen ("Kathy") T. Regan has been advising and investing in
healthcare companies for the past twenty five years. She became a
venture partner of Radius Venture, a venture capital firm focused on the
life sciences and healthcare industry, in 2010. Prior to joining Radius,
Ms. Regan was the Executive Vice President of Keystone Dental, Inc., a
portfolio company of Warburg Pincus LLC, where she led strategy and
business development. Between 2003 and 2008, she served as a consultant
to Warburg Pincus LLC, a leading global private equity firm, where she
was involved in investing with the medical technology team and served as
a board member to several portfolio companies. Previously, Ms. Regan
spent fifteen years in healthcare investment banking and was a Senior
Managing Director and Director of Healthcare Investment Banking at Sun
Trust Robinson Humphrey LLC and, previously, a Managing Director at
Freedom Securities Tucker Anthony. Ms. Regan currently serves on the
board of directors of Aeris Therapeutics LLC., a privately held company
focusing on emphysema therapies, and EndoGastric Solutions, Inc., a
Radius portfolio company focusing on the treatment of gastroesophageal
reflux disease. She also serves on the Board of Trustees of the Lutheran
HealthCare, a not for profit hospital, family health network, long term
care and home health care system in New York. Ms. Regan received a B.A.,
cum laude, from Princeton University and a MPH from Columbia University.
About Orthofix:
Orthofix International N.V. is a diversified, global medical device
company focused on developing and delivering innovative orthopedic
solutions that drive value for patients, surgeons, and providers.
Orthofix's products are widely distributed around the world to surgeons
and patients via Orthofix's sales representatives and its subsidiaries,
and via collaborations with other leading orthopedic product companies.
In addition, Orthofix is collaborating on R&D activities with leading
research and clinical organizations such as the Musculoskeletal
Transplant Foundation and Education Foundation and Texas Scottish Rite
Hospital for Children. For more information about Orthofix, please visit www.orthofix.com.
Orthofix International N.V.
Mark Quick, 214-937-2924
Director
of Investor Relations
markquick@orthofix.com
Source: Orthofix International N.V.
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