CLEVELAND, March 7, 2011 /PRNewswire/ — HGI Global Holdings,
Inc., a leading provider of specialty medical products to chronic
disease patients, today announced the appointment of Michael B.
Petras, Jr. as Chief Executive Officer, effective March 21.
Mr. Petras, 43, joins HGI from GE Lighting, the Cleveland-based
$3 billion unit of General Electric Company (NYSE:
GE) where he served as President and Chief Executive Officer.
Michael has held general management positions within General
Electric since 1995. Since 2005, he has been responsible for
multi-billion dollar businesses, managing supply chain, marketing,
finance, manufacturing, and engineering and administration
functions.
The CEO role has been vacant since October 2010, when HGI was
acquired by Clayton, Dubilier & Rice, LLC (CD&R) and GS
Capital Partners. Today’s announcement follows the recent promotion
of Kurt Packer to the position of President and Chief Operating
Officer.
“Michael is a proven business builder with a passion for growing
businesses and leading large, complex enterprises to new levels of
financial and operating performance excellence,” said Paul S.
Pressler, Chairman of HGI and an Operating Partner at CD&R. “He
is well versed in distribution businesses and will bring to the
organization deep sales, marketing and brand management
experience.”
Mr. Petras said, “HGI is a very dynamic company operating in a
large and growing market with a long history of improving the
quality of patient care and lowering healthcare costs for patients
and managed care organizations. I look forward to working
with the talented HGI team to build on their impressive
accomplishments in serving its valued customer network and
ultimately those people who depend on the specialty medical
products the company distributes.”
Prior to leading GE Lighting, Mr. Petras was Presi
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