VOL. 126 | NO. 66 | Tuesday, April 5, 2011
Stevens Replaces Henley as Wright Medical President, CEO
By Aisling Maki
Wright Medical Group Inc. announced Tuesday that its board of directors has appointed Chairman David D. Stevens as interim president and chief executive officer, effective immediately.
Stevens replaces Gary D. Henley, who Monday resigned from his position as president and CEO and as a director of the Arlington-based manufacturer of orthopedic medical devices, where he had served in those roles since 2006.
Henley tendered his resignation prior to a board of directors meeting called to discuss management’s oversight of the company’s ongoing compliance program.
The board accepted Henley’s resignation, but deemed it to be without “good reason” under the terms of his employment agreement, making him ineligible for severance.
Wright Medical also announced the termination of Frank S. Bono, the company’s senior vice president and chief technology officer, for failing to exhibit appropriate regard for Wright’s ongoing compliance program.
The company noted that the leadership changes aren’t related to its operational performance, financial condition or financial reporting.
Wright Medical’s board of directors has formed a committee to search for a permanent CEO to replace Henley.
In the meantime, Stevens will serve as interim CEO, but he has asked not to be considered for the permanent position.
Stevens, who has been a director of Wright Medical since 2004, is a former chairman and CEO of Memphis-based Accredo Health Groups Inc..
He’s currently a director of public companies Medco Health Solutions Inc., Accredo’s parent company, and Thomas & Betts Corp.
“I look forward to leading the company on an interim basis and working with my fellow directors to identify a permanent CEO,” Stevens said in a statement. “Given my experience as chairman of Wright Medical, and previously as CEO of Accredo Health Group Inc., I am very familiar with both this company and the industry. I am impressed by the depth and talent of the senior leadership team, and will work closely with them to ensure that our success continues.
“Wright Medical is committed to maintaining the highest standards of ethical conduct and to complying strictly with the laws and regulations that govern our business practices. These leadership changes underscore that Wright Medical is committed to compliance at all levels of the organization and to exemplary corporate citizenship.”