Healthcare Industry News: Baxter International
News Release - December 21, 2011
Integra LifeSciences Announces Appointment of Peter Arduini as President and Chief Executive Officer; Stuart Essig Named Chairman of the BoardPLAINSBORO, N.J., Dec. 21, 2011 -- (Healthcare Sales & Marketing Network) -- Integra LifeSciences Holdings Corporation (Nasdaq:IART ) announced today that its Board of Directors has made the following changes, all effective January 3, 2012. The Board appointed Peter Arduini as President and Chief Executive Officer. In addition, the Board elected Mr. Arduini to a newly-created position on the Board. Stuart Essig has been appointed as Executive Chairman of the Board. Richard Caruso, founder of Integra LifeSciences and its Chairman of the Board since its inception, will remain as a director of the company. Jack Henneman, the Company's Chief Financial Officer, will report to Mr. Arduini.
Since Mr. Arduini joined Integra in November 2010 as President and Chief Operating Officer, he has been responsible for Integra's operations, including worldwide sales and marketing, research and development, manufacturing, quality and regulatory activities, and human resources. Before joining Integra, Mr. Arduini was President of Medication Delivery at Baxter Healthcare, a $4.8 billion global business of Baxter International. Prior to joining Baxter in April 2005, he worked for General Electric Healthcare, where he spent much of his 15 years in a variety of management roles overseeing both domestic and global businesses. Mr. Arduini received his bachelor's degree in marketing from Susquehanna University and a master's in management from Northwestern University's Kellogg School of Management.
"We are pleased to promote Pete to Integra's President and Chief Executive Officer, the culmination of a rigorous succession process that we initiated a couple years ago," said Mr. Essig. "Pete is an enormously talented executive with a truly global perspective. He has won the respect and loyalty of our Board, management team, employees and customers, and is the right leader to drive the growth and profitability of this great company for years to come. I have thoroughly enjoyed my tenure at Integra and I am committed to supporting Pete in my new role."
"Stuart's 14 years as CEO transformed Integra from a true medical technology start-up to the diversified and profitable surgical products company that it is today," said Dr. Caruso. "During Stuart's tenure, the company grew from $15 million in annual revenues to $733 million in 2010 and from 130 employees to more than 3,300. Few CEOs in this industry have had so much success over so many years. I am pleased that Stuart and the Board accepted my recommendation and nobody is better suited to succeed me as Chairman of the Board."
"I am honored that the Board of Directors has selected me as CEO to lead this team. Under Stuart's leadership, the growth of Integra has been a great business success story and the two of us will continue to work closely to lead Integra into our next phase of growth," said Mr. Arduini. "I am delighted that he will serve as Executive Chairman to help provide leadership and guidance to the company."
Integra LifeSciences, a world leader in medical devices, is dedicated to limiting uncertainty for surgeons, so they can concentrate on providing the best patient care. Integra offers innovative solutions in orthopedics, neurosurgery, spine, reconstructive and general surgery. For more information, please visit www.integralife.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ from predicted results. These risks and uncertainties include market conditions and other factors beyond the Company's control and the economic, competitive, governmental, technological and other factors identified under the heading "Risk Factors" included in item IA of Integra's Annual Report on Form 10-K for the year ended December 31, 2010 and information contained in subsequent filings with the Securities and Exchange Commission could affect actual results. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Integra LifeSciences
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