People In Brief
This article was originally published in The Gray Sheet
Executive Summary
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)...
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