LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix International N.V., (NASDAQ:OFIX) (the Company) announced today
that it has appointed Brad Mason as its President and Chief Executive
Officer, effective immediately. Mr. Mason succeeds Robert Vaters, who
resigned to pursue other interests. As an industry veteran, Mr. Mason
brings deep knowledge of the Company's products, distribution channels,
and markets, as well as proven senior leadership in both building and
integrating medical device organizations.
"The Board believes that Brad is a terrific leader, who brings with him
a strong track record of growth and value creation, and we welcome him
back to Orthofix at a time when the Company is in a fundamentally solid
position," stated Chairman of Orthofix James Gero. "We also want to
thank Bob for his many contributions over the past several years guiding
the Company through difficult times and wish him well in his future
endeavors."
Former President and Chief Executive Officer Robert Vaters commented, "I
am very pleased with the tremendous progress we have made navigating
some challenging circumstances over the last several years and believe
that the Company is now well positioned to resume its growth trajectory
under Brad's leadership. Brad's unique expertise and strong operating
performance make him the right person for the next stage of the Orthofix
story."
Brad Mason said, "I am extremely excited to come back to Orthofix and am
thrilled with the potential we have. I look forward to pursuing the many
opportunities we have in the markets we serve. I also want to thank the
Board for their confidence in me and thank Bob for suggesting me as his
successor. I am anxious to work with all of our employees and
constituents to create value for our shareholders and customers."
Mr. Mason will relocate to the Lewisville, TX area. He had previously
served Orthofix from 2003 to 2010 in roles of increasing responsibility.
Of the many contributions he made across the Company during that period,
Mr. Mason was instrumental in driving the acquired Spinal Implants
business to profitability. Mr. Mason joined the Company upon the
acquisition of Breg, Inc., which he founded in 1989 and built through
rapid product innovation and by maximizing distribution capabilities. In
addition, he was dj Orthopedics' (formally DonJoy, Inc.) first head of
Manufacturing Operations and Product Design, where his efforts resulted
in hundreds of new and innovative products during his tenure. Mr. Mason
is also the named inventor on 38 issued patents in the orthopedic
product arena.
About Orthofix:
Orthofix International N.V. is a diversified, global medical device
company focused on developing and delivering innovative repair and
regenerative solutions to the spine and orthopedic markets. 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, the Orthopedic Research and Education Foundation,
and Texas Scottish Rite Hospital for Children. For more information
about Orthofix, please visit www.orthofix.com.
Inducement Grant
As an inducement to Mr. Mason to enter into employment with the Company,
Mr. Mason has been granted stock options to purchase 150,000 shares of
the Company's common stock. The exercise price of the stock options will
be the March 13, 2013 closing price of the common stock on the NASDAQ
Stock Market. Subject to certain further requirements set forth in the
award agreement, fifty percent (50%) of these options will vest upon the
closing price of common stock averaging a price of $45 or greater over a
period of 22 trading days, and fifty percent (50%) of these options will
vest upon the closing price of the common stock averaging a price of $50
or greater over a period of 22 trading days. The grant, which was
approved by the Company's compensation committee, was made pursuant to
NASDAQ Marketplace Rule 5635(c)(4). The award agreement includes
provisions for full accelerated vesting of the options upon a change of
control. In addition, Mr. Mason has been granted 10,000 restricted
shares of common stock, with 3-year cliff vesting, pursuant to the
Company's 2012 Long-Term Incentive Plan (which grant was not made
pursuant to NASDAQ Marketplace Rule 5635(c)(4)).
Orthofix International N.V.
Mark Quick, 214-937-2924
Director
of Investor Relations and Business Development
markquick@orthofix.com
Source: Orthofix International N.V.
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