Brace company Breg, Inc., has announced the appointment of Stuart M. Essig as chairman of the board. Mr. Essig retired from the position of Chief Executive Officer at Integra LifeSciences Holdings Corporation earlier this year.
The appointment is Breg’s first outside board appointment since Water Street Healthcare Partners, a strategic private equity firm focused exclusively on the health care industry, invested in Breg last month with plans to build it into a market leader specialising in nonsurgical orthopedic products.
According to a press release issued by Breg through PR Newswire, during his 14-year tenure as Integra’s CEO, Mr. Essig transformed the company from a single-technology organisation with $15 million in annual revenues to a global surgical products company with more than $780 million revenues in 2011.
Prior to Integra, Mr. Essig served as managing director of health care for Goldman, Sachs & Co., where he specialised in mergers and acquisitions for medical device, pharmaceutical and biotechnology companies.
Mr. Essig currently serves as non-executive chairman of Integra LifeSciences and a board member of St. Jude Medical Corporation. He previously was a director of Zimmer Holdings, Inc., and a member of the executive committee and treasurer of the US medtech industry body Advamed.
“We are thrilled to have an executive of Stuart’s caliber and experience join our board,” said Brad Lee, president, Breg. “Together with Water Street, we plan to expand Breg to play a greater role in advancing the growing area of nonsurgical orthopedic care. Stuart’s expertise in the medical products sector and his experience growing Integra into a global leader will be extremely beneficial to our management team as we embark on a strategy to broaden Breg’s portfolio of products and value-added services.”
Source: Breg, Inc., PR Newswire