LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix International N.V., (NASDAQ:OFIX) today announced the
appointment of Mark A. Heggestad as Chief Financial Officer (CFO),
effective on or about Friday, May 9, 2014. Mr. Heggestad will succeed
David Ziegler, who has been serving as Interim CFO. Mr. Ziegler will
assist Mr. Heggestad in his transition and continue to provide
consulting services to the company.
"We are excited to welcome Mark to the Orthofix team," said Orthofix
President and Chief Executive Officer Brad Mason. "There is a lot to do
in the next few years to become best in class in our finance and
business processes. I believe Mark will be a great partner to the
executive team and me in leading these efforts and that he will keep the
company focused on the key initiatives that will drive shareholder
value."
Mark A. Heggestad
Mr. Heggestad has more than 20 years of experience in financial
leadership roles in the medical device industry. He previously served as
Executive Vice President and CFO at American Medical Systems Holdings,
Inc. where his supervisory responsibilities included Finance &
Accounting, Investor Relations, Internal Auditing, IT, Business
Development and Strategic Planning among others. Prior to this he held a
variety of executive and management roles at Medtronic, Inc., including
Vice President of Finance and IT for the Cardiac Surgery Business, Vice
President of Corporate Audit & Compliance Assurance and Vice President
of Corporate Finance, Assistant Controller. Before joining Medtronic,
Mr. Heggestad worked as an audit manager for KPMG.
About Orthofix
Orthofix International N.V. is a diversified, global medical device
company focused on improving patients' lives by providing superior
reconstructive and regenerative orthopedic and spine solutions to
physicians worldwide. Headquartered in Lewisville, TX, the company has
four strategic business units that include BioStim, Biologics, Extremity
Fixation and Spine Fixation. Orthofix products are widely distributed
via the company's sales representatives, distributors and its
subsidiaries. In addition, Orthofix is collaborating on research and
development activities with leading clinical organizations such as the
Musculoskeletal Transplant Foundation, the Orthopedic Research and
Education Foundation and the Texas Scottish Rite Hospital for Children.
For more information, please visit www.orthofix.com.
Inducement Grant
As an inducement to Mr. Heggestad entering into employment with the
Company, he has been granted stock options to purchase 32,000 shares of
the Company's common stock (Common Stock), as well as 33,000 restricted
shares of Common Stock. The exercise price of the stock options will be
the closing price of the Common Stock on the NASDAQ Stock Market on May
5, 2014, the date he will become an employee. The stock options and
restricted shares of common stock will each vest in one-fourth annual
increments beginning on the first anniversary of his first date of
employment. The grants, which were approved by the Company's
compensation committee, were made pursuant to NASDAQ Marketplace Rule
5635(c)(4) on standalone grant agreements containing terms materially
consistent with the Company's grant agreements under its 2012 Long-Term
Incentive Plan.
Orthofix International N.V.
Investor Relations
Mark Quick,
214-937-2924
markquick@orthofix.com
Source: Orthofix International N.V.
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