Former COO Glenn Coleman’s last day at Integra was Friday, according to a separation agreement filed with the Securities and Exchange Commission that same day. Coleman was scheduled to start as the new EVP and CFO at Dentsply Sirona (Nasdaq: XRAY) yesterday.
Princeton, New Jersey-based Integra said in SEC filings that it will eliminate the COO position on Oct. 3 “consistent with the company’s succession planning following its CEO transition in late 2021.”
Integra announced in October 2021 that it hired an outsider as its new CEO, picking former Barco CEO Jan De Witte to succeed Peter Arduini, who left Integra to become president and CEO of GE Healthcare.
Coleman joined Integra as its chief financial officer in 2014 and created the COO position to promote him to it in 2019.
As COO and EVP, Coleman was responsible for operations, including commercial, clinical, R&D, manufacturing, quality and business development functions. He was the second-highest paid employee at Integra in its most recent compensation disclosure, which reported his total compensation at more than $3.5 million in 2021.
In all, Coleman led about 60% of Integra’s workforce, including Integra’s international team. Wells Fargo analysts expect news on that front in the coming weeks.
Integra recently “indicated [it] was going to be bringing in a new international leader shortly to focus on the company’s international efforts,” Wells Fargo analysts Vik Chopra and Larry Biegelsen said in a note on Friday.
“The company also indicated that there is no change to its long-term strategy or goals,” the analysts wrote.
Integra originally disclosed the elimination of Coleman’s position and his employment in an Aug. 25 SEC filing. The company will pay him nearly $1.67 million over 18 months plus stock options under a separation agreement. The separation package says he will remain eligible for performance bonuses and includes a two-year non-compete and non-solicit agreement.
Integra is the 55th largest medical device company in the world, according to our 2022 Medtech Big 100 ranking. The regenerative tissue and neurosurgical technology developer reported more than $1.5 billion in annual revenue and around 3,800 employees as of its most recent fiscal year.