Medtech Insight is part of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

Biomet execs resign

This article was originally published in The Gray Sheet

Executive Summary

CFO Gregory Hartman and Executive VP Daniel Hann announce their retirement March 30 after preliminary findings of an investigation into Biomet's stock option granting procedures over the last 11 years revealed improper accounting. The internal report found that most of the stock options the company issued between 1996 and 2006 were "opportunistically misdated" to take advantage of a lower exercise price and that Hann and Hartman "were or should have been aware of certain accounting and legal ramifications" of the misdating. Biomet, which is in the process of going private, will restate financial statements for 2006 (1"The Gray Sheet" Jan. 1, 2007, p. 6). The firm says the restatements will include a noncash compensation cost of about $50 million between 1996 and 2006. Effective April 11, J. Pat Richardson, former VP-finance at Johnson & Johnson/Cordis, will serve as interim CFO and treasurer until permanent replacements are hired. Separately, the company names former Worldwide President of Cordis Endovascular, Glen Kashuba, president of Biomet Trauma and Biomet Spine on April 4, replacing Charles Niemier, who becomes senior VP-Biomet International and corporate relations...

You may also be interested in...



People In Brief

Biomet's new CFO: Daniel Florin, Boston Scientific's VP and corporate controller for the past six years, will join Biomet June 5 as CFO. He fills the hole left at Biomet by Gregory Hartman's departure March 30 as a result of stock option investigations (1"The Gray Sheet" April 9, 2007, In Brief). Florin began working at Boston Scientific in 1995. Prior to that, he spent five years serving in financial positions at C.R. Bard. J. Pat Richardson, who is acting as interim CFO at Biomet, will continue as the firm's VP-finance...

Biomet Accepts $10.9 Bil. Private Equity Buyout To Stay Independent

Orthopedic device makers Smith & Nephew and Biomet ended discussions on a possible merger after Biomet announced plans to become a private, independent company by the end of October

Cosmetic And Personal Care Trademark Review 24 November, 2020

Personal care and cosmetic product trademark filings compiled from the Official Gazette of the US Patent and Trademark Office, Class 3.

UsernamePublicRestriction

Register

OM001644

Ask The Analyst

Ask the Analyst is free for subscribers.  Submit your question and one of our analysts will be in touch.

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel