Some of the largest companies in medtech have promoted, replaced or removed leaders in recent months.
In July, Medical Design & Outsourcing compiled a list of the biggest personnel changes in the first half of 2022. Those included hirings, firings, promotions and retirements of CEOs, presidents and other business leaders across the medtech industry.
The latter half of the year has brought even more changes. To close out 2022 and prepare for 2023, here are more of the year’s biggest medtech moves — and some updates since the news first broke.
Butterfly Network CEO steps down
Fruchterman oversaw Butterfly’s development of artificial intelligence-based handheld ultrasound technology. But the company’s had a rough go in recent quarters, with missed financial expectations and layoffs to conserve cash.
Butterfly said Fruchterman would work with the leadership team through the rest of the year to ensure a smooth transition. The company chose founder and Chair Jonathan Rothberg to serve as interim CEO as it searches for a permanent replacement.
Cardinal Health promotes CFO to corner office
Hollar previously served as Cardinal Health’s CFO. Patricia English, Cardinal Health’s chief accounting officer, stepped in as interim CFO.
Hollar succeeded Mike Kaufmann, who was CEO of the Dublin, Ohio–based company for the previous five years. The change came as Cardinal Health continues efforts to refocus its Medical business after selling its Cordis business last year for $1 billion.
Cardinal Health is the world’s eighth-largest medical device company, according to our latest Medtech Big 100 ranking by revenue.
Dentsply executes a slew of leadership changes
The changes didn’t stop there.
In August, Dentsply appointed former BD executive Simon Campion as its new CEO. About one week later, SVP and Chief Commercial Officer Walter Petersohn announced his departure from the company. Dentsply originally said Petersohn’s exit was a mutual decision, but in November revised the departure to a termination “following subsequent discussions” with him, according to an SEC filing.
In late September, Dentsply finally found Gomez’s permanent replacement in new CFO Glenn Coleman, formerly of Integra LifeSciences.
Dentsply eventually provided more clarity on the situation with Casey and Gomez. In November, the board’s audit committee announced that it found no evidence of intentional wrongdoing or fraud on the part of its former CEO or CFO.
The company disclosed $45 million in costs through September associated with the internal investigation, including lawyers, forensic accountants, remediation expenses, severance costs and one-time payments to keep key personnel.
Dentsply ranked 29th on the 2022 Medtech Big 100.
Dexcom promotes COO from within
In August, Dexcom (Nasdaq:DXCM) promoted Chief Technology Officer Jake Leach to chief operating officer. Quentin Blackford, who left in 2021 to become iRhythm’s CEO, previously held that position.
Leach served as CTO since 2018, leading the company’s research, product development, product management and engineering departments. He joined the company in 2004 to lead the development of sensor electronics for its first commercial continuous glucose monitor (CGM) system.
Since Leach’s promotion, Dexcom has taken big steps forward, including the recent FDA clearance of its next-generation G7 CGM.
Dexcom ranked 45th on the 2022 Medtech Big 100.
Edwards Lifesciences CEO to step down
Mussallem, 70, informed the board of his decision to step down as CEO in May, when Edwards holds its annual meeting of stockholders. Edwards said Mussallem intends to stand for election as non-executive chair of the board at the May 11 annual meeting.
Bernard Zovighian is slated to succeed him as CEO. Zovighian currently serves as corporate VP and GM of Edwards’ transcatheter mitral and tricuspid therapies (TMTT) business.
Zovighian takes over as president effective Jan. 1 until he becomes CEO in May. Edwards said he and Mussallem will work work closely with the board and executive leadership team to ensure a smooth transition.
Edwards also named Larry Wood to the expanded role of corporate VP and group president, TAVR and surgical structural heart. He previously served as VP and GM of the TAVR business. Daveen Chopra, who served as VP and GM of surgical structural heart since 2018. will lead the TMTT business.
Edwards ranked 24th on the 2022 Medtech Big 100.
Fresenius CEO leaves after short stint
Fresenius Medical Care announced in May that CEO Rice Powell would step down after reaching the company’s age limit. The company selected Carla Kriwet, 51, to succeed Powell as of Jan. 1, 2023.
However, Kriwet took over on Oct. 1, the company said in SEC filings on Oct. 31. Deputy CEO and CFO Helen Giza assumed “certain functions of the role of chief executive officer for a brief interim period,” the filings said.
In early December, Fresenius said Kriwet was out as and Giza was in as the medical division’s next CEO. Fresenius said Kriwet’s departure was “at her own request and by mutual agreement due to strategic differences.”
Fresenius Medical Care ranked 27th on the 2022 Medtech Big 100.
Invacare fires CEO
In August, Invacare (NYSE:IVC) announced the removal of President and CEO Matthew Monaghan from the corner office.
Elyria, Ohio-based Invacare also ended Monaghan’s role as chair of the board. However, the company said Monaghan would stay on the board as a director.
The company attributed the changes to its efforts to advance its business transformation initiatives. It also sought to address supply chain challenges and strengthen its financial performance.
Invacare named SVP and GM of EMEA and APAC Geoffrey Purtill as interim president and CEO. It initiated a search for a permanent replacement for Monaghan.
Struggles for the company continue, as it received a notice of non-compliance with NYSE listing requirements in September.
Invacare ranked 74th on the 2022 Medtech Big 100.
J&J CEO to become chair of the board
The Johnson & Johnson (NYSE:JNJ) board of directors elected CEO Joaquin Duato to take the position of board chair in December.
Duato succeeds Alex Gorsky, who intends to step down from the role following a brief transitional period. The appointment of Duato becomes effective in January 2023.
In August 2021, Gorsky announced plans to hand the CEO role over to Duato, citing family health reasons. Gorsky remained on as executive chair following a spate of leadership moves at the start of 2022. As part of the changes, Duato assumed the role of CEO and joined the board on Jan. 3, 2022.
Johnson & Johnson ranked second on the 2022 Medtech Big 100.
Owens & Minor names new healthcare CEO
Long replaced Jeffrey Jochims as leader of the business segment. Owens & Minor did not explain the departure.
Owens & Minor promoted Alexander Bruni to assume Long’s former roles of EVP and CFO. Long served in those roles since joining the company in November 2019.
Owens & Minor ranked 13th on the 2022 Medtech Big 100.
Philips replaces CEO amid respiratory recall
Philips (NYSE:PHG) announced in August that longtime CEO Frans van Houten would leave the company, replaced by Roy Jakobs. Shareholders approved the move in a Sept. 30 special meeting, making the change official as of Oct. 15.
Van Houten was the face of Philips as it struggled with its still-ongoing Respironics recall. After becoming CEO, Jakobs offered an apology and promised improvement. The company soon after announced 4,000 job cuts, equal to about 5% of its global workforce.
A late summer update on the recall listed 69,000 medical device report (MDR) entries since April 2021, including 168 reports of death. In November, that number increased to more than 90,000 reports of problems, including 260 mentioning deaths.
Philips ranked fourth on the 2022 Medtech Big 100.
Roche Diagnostics picks regional leader as new CEO
His promotion and addition to the company’s executive committee is effective Jan. 1, 2023.
Stepping up to fill Sause’s vacancy is Brad Moore, serving as president and CEO of Roche Diagnostics North America effective Jan. 1. Moore most recently served as SVP of core lab and point of care within Roche Diagnostics North America.
Sause replaces former Roche Diagnostics CEO Thomas Schinecker, who is becoming CEO of Basel, Switzerland-based parent company Roche effective March 15, 2023.
The Roche Board of Directors has proposed outgoing Roche CEO Severin Schwan as its new chair on March 14, 2023.
Verily selects new CEO from within along with $1B investment
Verily named founder Andy Conrad as executive chairman of the board. Meanwhile, the company promoted President Stephen Gillett to CEO. Both changes take effect in January 2023.
Verily said the new roles represent succession planning led by Conrad and the board. The changes recognize the “skills and experience required to lead Verily” as it focuses on its precision health strategy.
Plus, a few more personnel moves you might have missed:
- Activ Surgical hires new CEO
- Augmedics founder departs
- BD names new president of medication delivery (BD’s medical segment ranked 14th on the 2022 Medtech Big 100.)
- Better Therapeutics picks new CCO
- Canary Medical tabs former Edwards exec as CMO
- GE names board for new standalone healthcare company (GE Healthcare ranked sixth on the 2022 Medtech Big 100.)
- Heartbeam names new CMO
- Inari Medical promotes COO to CEO spot (Inari ranked 96th on the 2022 Medtech Big 100.)
- iRhythm appoints two new executives (iRhythm ranked 92nd on the 2022 Medtech Big 100.)
- Merit Medical promotes longtime executive to CCO (Merit ranked 66th on the 2022 Medtech Big 100.)
- Olympus announces CEO succession plan (Olympus’ medical business ranked 20th on the 2022 Medtech Big 100.)
- Orthofix and Seaspine pick post-merger CFO (Orthofix ranked 8th on the 2022 Medtech Big 100.)
- Senseonics CFO departs