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Biomet CEO quits

This article was originally published in The Gray Sheet

Executive Summary

After nearly 20 years at the orthopedics firm, CEO and co-founder Dane Miller, PhD, resigned on March 27. Effectively immediately, Senior VP Daniel Hann, who joined the company in 1989, will command the top spot following Miller's departure. Miller will remain director of the board and will serve as a consultant to the company. "I'm not out of the game, just sitting on the bench right beside our new coach," Miller said during a March 27 call. Miller has served as CEO of the firm since its formation in 1977 and the decision was unexpected by many in the industry, especially after Miller headlined the Biomet's AAOS presentation just the week prior. However, it appears that several months of declines in both stock price and revenue growth likely forced his decision (1"The Gray Sheet" March 27, 2006, p.13)...

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People In Brief

Biomet names CEO: Former Abbott exec Jeffrey Binder succeeds interim CEO Daniel Hann in the top spot at Biomet on Feb. 26. Hann, who will stay with Biomet as executive VP of administration and a member of the board, was named acting CEO in March 2006 when co-founder Dane Miller abruptly resigned (1"The Gray Sheet" April 3, 2006, In Brief). Binder takes over shortly after Biomet agreed to be acquired by an investor consortium for $10.9 billion, or $44 a share (2"The Gray Sheet" Jan. 2007, p. 6). The 15-year orthopedics industry veteran is no stranger to transitioning leadership. Binder supervised the integration of DePuy Orthopedics into Johnson & Johnson in 1998 and served as president of DePuy's joint reconstruction and trauma group until 2000, when he became CEO of Spinal Concepts. That firm was acquired by Abbott in 2003 (3"The Gray Sheet" June 9, 2003, p. 25). Binder led Abbott Spine until Jan. 2006, when he was named VP diagnostic operations. Abbott recently sold its core in vitro diagnostics unit to GE for $8.13 billion (4"The Gray Sheet" Jan. 22, 2007, p. 3)...

Biomet engages Morgan Stanley

Stymied in its effort to reverse several quarters of lackluster revenue performance, Biomet has solicited Morgan Stanley's assistance in "exploring strategic alternatives focused on enhancing shareholder value," the firm announced April 6. The news follows on the heels of CEO and co-founder Dane Miller's resignation (1"The Gray Sheet" April 3, 2006, In Brief). The orthopedics firm says the consideration may not result in specific action. Meanwhile, analysts suggest that Biomet would be an attractive acquisition for major orthopedics players, including Stryker, Zimmer, Smith & Nephew and J&J...

Orthopedics In Brief

New CEO for Wright: Gary Henley will take the helm from interim CEO Barry Bays at Wright Medical, effective April 4. Henley brings 24 years of experience in the orthopedic industry. He has been with Orthofix since 1997, spending the past four years as president of the Americas division, and also draws on nearly ten years of experience with Smith & Nephew. Bays has held the interim CEO position since Laurence Fairey resigned the post in October following disappointing third-quarter results (1"The Gray Sheet" Dec. 12, 2005, p. 13). Bays will resume his role as executive chairman, the firm says...

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