Appoints Geoff Purtill as Interim Chief
Executive Officer and Michael Merriman as Board Chairman
Invacare Corporation (NYSE: IVC) today announced changes to its
senior management team and Board of Directors to advance its
previously announced business transformation initiatives, address
supply chain challenges, and strengthen its financial performance.
Geoffrey P. Purtill, who had been serving as the company’s Senior
Vice President and General Manager, EMEA and APAC, was named
interim President and Chief Executive Officer, replacing Matthew E.
Monaghan, who has left from his role as Chairman, President and
Chief Executive Officer, effective August 28, 2022.
The Board of Directors has commenced a search to identify and
appoint a permanent CEO.
“After careful consideration, the Board determined that now is
the right time for a change in leadership to oversee the successful
execution of Invacare’s business transformation. We welcome Geoff
who has distinguished himself throughout his tenure with Invacare.
The Board has full confidence that he has the right skillset and
industry experience to lead the company through this transition as
we search for a permanent successor who can accelerate the
achievement of our objectives. We thank Matt for his years of
service. We look forward to having Geoff advance our strategic
initiatives,” said Cliff Nastas, Invacare’s lead independent
director.
The company also announced that Michael J. Merriman, Jr. was
appointed as a director and named non-executive Chairman of the
Board. Mr. Merriman, who previously served on Invacare’s Board and
served as chair of its Audit Committee from 2014 to 2018, will also
serve on the company’s Strategy Committee. As the independent
Chairman of the Board, Mr. Merriman succeeds Cliff Nastas as the
company's lead independent director.
“We are excited to welcome Mike Merriman back to the Board and
know that his leadership, financial and business management acumen
and experience in transforming underperforming businesses will be
invaluable to the Board as we transform Invacare,” said Mr.
Nastas.
About Geoffrey P. Purtill
Mr. Purtill served as the Senior Vice President and General
Manager, EMEA and APAC since December 2021 and, prior to that, led
Invacare’s global strategy efforts. Previously, he served for 11
years as Vice President and General Manager of the company's Asia
Pacific region. Prior to joining Invacare, he held various sales,
category management and supply chain leadership roles at Johnson
& Johnson and Nestle. Mr. Purtill spent 14 years in the
Australian Army where he was a Captain in the Intelligence
Corps.
About Michael J. Merriman, Jr.
Mr. Merriman has served as an operating advisor of Resilience
Capital Partners LLC, a private equity firm focused on principal
investing in lower, middle-market underperforming and turnaround
opportunities, from 2008 until 2017, and currently serves on the
board of one of Resilience’s portfolio companies. Mr. Merriman is a
director of Nordson Corporation (Nasdaq: NDSN), a manufacturer of
products that dispense adhesives, coatings, sealants, biomaterials
and other materials, and has served as Chairman of the Board since
2018. He also is a director of Regis Corporation (NYSE: RGS), a
company that owns, franchises, and operates beauty salons, hair
restoration centers and cosmetology education facilities, where he
is chair of the audit committee and a member of the compensation
committee. Mr. Merriman served as president and chief executive
officer of Lamson & Sessions Co. (formerly, NYSE: LMS), a
manufacturer of thermoplastic conduit, fittings and electrical
switch and outlet boxes, from 2006 to 2007; and served as senior
vice president and chief financial officer of American Greetings
Corporation (formerly, NYSE: AM), a designer, manufacturer and
seller of greeting cards and other social expression products, from
2005 until 2006. Mr. Merriman previously served as a director of
OMNOVA Solutions Inc., a specialty chemical company, from 2008
until its sale in 2020. Mr. Merriman previously served as a
director of Invacare Corporation from 2014 to 2018.
About Invacare Corporation
Invacare Corporation is a leading manufacturer and distributor
in its markets for medical equipment used in non-acute care
settings. At its core, the company designs, manufactures and
distributes medical devices that help people to move, breathe, rest
and perform essential hygiene. The company provides clinically
complex medical device solutions for congenital (e.g., cerebral
palsy, muscular dystrophy, spina bifida), acquired (e.g., stroke,
spinal cord injury, traumatic brain injury, post-acute recovery,
pressure ulcers) and degenerative (e.g., ALS, multiple sclerosis,
chronic obstructive pulmonary disease (COPD), elderly, bariatric)
ailments. The company's products are important parts of care for
people with a wide range of challenges, from those who are active
and involved in work or school each day and may need additional
mobility or respiratory support, to those who are cared for in
residential care settings, at home and in rehabilitation centers.
The company sells its products principally to home medical
equipment providers with retail and e-commerce channels,
residential care operators, distributors and government health
services in North America, Europe and Asia/Pacific. For more
information about the company and its products, visit Invacare's
website at www.invacare.com.
This press release contains forward-looking statements within
the meaning of the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are those that describe future outcomes or expectations
that are usually identified by words such as “will,” “should,”
“could,” “plan,” “intend,” “expect,” “continue,” “forecast,”
“believe,” and “anticipate” and include, for example, statements
related to the company’s ability to address on-going supply chain
challenges; sales and free cash flow trends; the impact of
contingency plans and cost containment actions; the company’s
liquidity and working capital expectations; the company’s future
financial results; and similar statements. Actual results and
events may differ significantly from those expressed or anticipated
as a result of various risks and uncertainties, including the
availability and cost to the company of needed products, components
or raw materials from the company's suppliers, including delivery
delays and production interruptions from pandemic-related supply
chain challenges and supplier delivery holds resulting from past
due payables; the duration and scope of the COVID-19 pandemic, the
pace of resumption of access to healthcare, including clinics and
elective care, and loosening of public health restrictions, or any
reimposed restrictions on access to healthcare or tightening of
public health restrictions, which could impact the demand for the
company’s products; global shortages in, or increasing costs for,
transportation and logistics services and capacity; actions that
governments, businesses and individuals take in response to the
pandemic, including mandatory business closures and restrictions on
onsite commercial interactions; the impact of the pandemic or
political or geopolitical crises, such as Russia's invasion of
Ukraine, and actions taken in response, on global and regional
economies and economic activity; the pace of recovery when the
COVID-19 pandemic subsides; general economic uncertainty in key
global markets and a worsening of global economic conditions or low
levels of economic growth, including negative conditions
attributable to inflationary economic conditions; the effects of
steps the company has taken or will take to reduce operating costs;
the ability of the company to sustain profitable sales growth,
achieve anticipated improvements in segment operating performance,
convert high inventory levels to cash or reduce its costs; lack of
market acceptance of the company's new product innovations;
potential adverse effects of revised product pricing and/or product
surcharges on revenues or the demand for the company's products;
circumstances or developments that may make the company unable to
implement or realize the anticipated benefits, or that may increase
the costs, of its current and planned business initiatives, in
particular the key elements of its growth plans, such as its new
product introductions, commercialization plans, additional
investments in demonstration equipment, product distribution
strategy in Europe, supply chain actions and global information
technology outsourcing and ERP implementation activities; possible
adverse effects on the company's liquidity, including (i) the
company's ability to address future debt maturities or other
obligations, including additional debt that may be incurred in the
future or (ii) the company's ability to access the remaining
portion of the financing under the July 2022 financing transactions
(as discussed in the notes to the condensed consolidated financial
statements) in the event of a failure to satisfy one or more of the
applicable closing conditions; increases in interest rates or the
costs of borrowing; potential limitations on the company’s business
activities from obligations in the company’s debt agreements;
adverse changes in government and third-party payor reimbursement
levels and practices; decreased availability or increased costs of
materials which could increase the company's cost of producing or
acquiring the company's products, including the adverse impacts of
tariffs and increases in commodity costs or freight costs;
regulatory proceedings or the company's failure to comply with
regulatory requirements or receive regulatory clearance or approval
for the company's products or operations; adverse effects of
regulatory or governmental inspections of the company's facilities
at any time and governmental enforcement actions; exchange rate
fluctuations, particularly in light of the relative importance of
the company's foreign operations to its overall financial
performance; and those other risks and uncertainties expressed in
the cautionary statements and risk factors in the company's annual
report on Form 10-K, quarterly reports on Form 10-Q and other
filings with the Securities and Exchange Commission. The company
may not be able to predict and may have little or no control over
many factors or events that may influence its future results and,
except as required by law, shall have no obligation to update any
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220829005262/en/
INVESTOR CONTACT: Lois Lee loislee@invacare.com
440-329-6435
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