ConMed Corporation has announced the appointment of Curt Hartman as President and Chief Executive Officer, effective immediately. Mr. Hartman joined the Company’s Board of Directors in March 2014 and was appointed Interim Chief Executive Officer in July 2014.
Back in February of this year we covered the news that ConMed had undergone a senior management shake-up in the aftermath of a period of shareholder unrest and the departure of founder Eugene Corasanti. At that time Curt Hartman was installed onto the board, soon to be made interim CEO. Now the company has formalized things by making Mr Hartman its President and CEO.
Before joining ConMed, Mr. Hartman had a twenty-two year career at Stryker Corporation where he served in a variety of executive leadership roles, including Interim Chief Executive Officer from February 2012 to October 2012.
ConMed has spent much of the past two years in a state of turmoil, two major shareholders battling for rather different outcomes. The most vocal, Voce Capital has previously demanded that the company take steps toward a strategic exit and the ending of “a culture of nepotism, patronage and dystopian corporate governance.”
Following the departure of the last of the Corasantis, an exit was ruled out as recently as July when the company announced the conclusion of its strategic options review. At the same time Curt Hartman was plonked in the interim CEO hotseat.
So now the question is, as ever, what happens next? The company has recently reported another sales decline of 2.4% compared with a year ago, pretty much as it did in the prior quarter. It cites a drop off in demand for its orthopedic and visualization device, especially in Latin America, although is sounding sanguine enough about the fact that it’s on target to hit modified projections. Sounds like Mr Hartman has an interesting job ahead of him, although the recent share price gains suggest the markets like the cut of his jib.
“After a broad search conducted with the advice of a nationally recognized executive search firm, I am very pleased to announce that the Board of Directors has selected Curt Hartman to be the Company’s President and Chief Executive Officer,” said Mark Tryniski, Chairman of ConMed’s Board of Directors. “This decision was based not only on his previous industry experience and demonstrated results, but also on the leadership qualities he has displayed while in the role of Interim Chief Executive Officer at ConMed. Curt has a thorough understanding of our business and operations, and a deep appreciation for the hard work and talent of our employees. We are very pleased Curt has accepted the permanent position and believe that he will lead the Company effectively into its next chapter of growth, profitability and improved performance.”
“I am honored and excited to become the President and Chief Executive Officer of ConMed Corporation,” said Mr. Hartman. “Since joining the CONMED board eight months ago I have become deeply familiar with our products, people and potential – and I am very enthusiastic about all three. I look forward to building on the work we have already started, and pursuing excellence at ConMed alongside our talented and dedicated employees in order to unlock our full potential, better enabling our customers to enhance patient outcomes. Through a renewed focus on operating performance and innovation, we will drive revenue and earnings growth, and build ConMed into the first choice for our customers’ needs, our employees’ talent and our shareholders’ capital.”
Source: ConMed Corporation, Globe Newswire