Zimmer Announces New Name, StructurePosted: Updated:
Warsaw-based Zimmer Holdings Inc. (NYSE: ZMH) has announced a new name and mapped out the organizational leadership structure of its $13 billion planned acquisition of Biomet Inc. The orthopaedics company says the combined organization will be called Zimmer Biomet and will be led by Zimmer chief executive officer David Dvorak. The resulting company will be divided into three business units. The deal could close early next year and is awaiting federal anti-trust clearance, as well as European and Japanese approvals. October 30, 2014
WARSAW, Ind. - Zimmer Holdings, Inc. (NYSE: ZMH and SIX: ZMH) today announced the future executive leadership team and organizational structure of the combined company following the closing of the Biomet transaction. Zimmer also announced that the combined organization will leverage the strength of both companies' brands and will be named Zimmer Biomet, with the new brand to be rolled out across the combined company following the closing of the merger. The future leadership team is committed to establishing Zimmer Biomet as a global musculoskeletal healthcare leader by building upon the principles and practices that have made both companies so successful.
"These announcements mark important milestones that will help advance the effective integration of our two companies upon closing," said David Dvorak, President and CEO of Zimmer, who, as previously announced, will continue as President and CEO of the combined company. "Zimmer and Biomet each have extraordinary talent across all levels, and we are confident that we have put in place a team and organizational structure to drive the combined company into this new chapter. In addition, becoming Zimmer Biomet brings together two well-respected and recognizable names in the industry that share a commitment to new innovations that enhance patient outcomes and improve quality of life."
The executive leadership team of the new Zimmer Biomet will comprise 12 executives reporting directly to Dvorak, and will be organized around three business units, three geographic regions and six functional areas.
Zimmer Biomet business units and leadership:
Adam R. Johnson, Group President, with responsibility for the Spine, Microfixation, Bone Healing and Dental businesses. Johnson has served in leadership roles at Biomet for 12 years. Johnson currently leads Biomet's Spine, Microfixation and Bone Healing Division.
David A. Nolan, Group President, with responsibility for the Sports Medicine, Extremities, Trauma, Biologics and Surgical businesses. Nolan has more than 20 years of experience in commercial leadership roles at Biomet and Zimmer. Nolan currently leads Zimmer's Advanced Solutions portfolio.
Daniel E. Williamson, Group President, with responsibility for the Knee, Hip and Bone Cement businesses. Williamson has served in senior leadership roles at Biomet for 24 years. Williamson currently leads Biomet's Reconstructive Division.
Zimmer Biomet geographic regions and leadership:
Stuart G. Kleopfer, President, Americas. The Americas region will be comprised of the United States, Canada and Latin America. Kleopfer has held the U.S. executive leadership position at Biomet for four years and has been with Biomet for 26 years.
Katarzyna Mazur-Hofsaess, M.D., Ph.D., President, EMEA. The EMEA region will be comprised of Europe, the Middle East and Africa. Mazur-Hofsaess has held an EMEA senior leadership position with Zimmer for four years.
Sang Yi, President, Asia Pacific. The Asia Pacific region will be comprised of China, Japan, India, Australia, New Zealand, Korea and Southeast Asia. Yi has held an Asia Pacific senior leadership position with Zimmer for two years. Stephen H.L. Ooi, Zimmer President, Asia Pacific, will retire from his current position at the close of the transaction. Ooi will serve in an advisory role following the close.
Zimmer Biomet functional areas and leadership:
Robin T. Barney, Senior Vice President, Global Operations and Logistics. Barney has held the Global Operations and Logistics executive leadership position at Biomet for seven years.
Audrey M. Beckman, Senior Vice President, Strategic Quality Initiatives. Beckman has served in senior leadership roles at Zimmer for 18 years and has been with the Company for 28 years.
William P. Fisher, Senior Vice President, Global Human Resources. Fisher has held the Global Human Resources executive leadership position at Zimmer for five years.
Daniel P. Florin, Senior Vice President, Chief Financial Officer. Florin has served as the Chief Financial Officer at Biomet for seven years. James T. Crines, Zimmer Chief Financial Officer, will retire from his current position at the close of the transaction. Crines will serve in an advisory role following the close.
Emmanuel O. Nyakako, Senior Vice President, Global Quality, Clinical and Regulatory Affairs. Nyakako has held the Global Quality, Clinical and Regulatory Affairs executive leadership position at Zimmer for two years.
Chad F. Phipps, Senior Vice President, General Counsel and Secretary. Phipps has held the General Counsel position at Zimmer for seven years.
Dvorak continued, "Our two companies will be stronger together, and that is proven by the management team we have assembled. With the help of these individuals, and many more across both organizations, we are making great progress in our integration planning and are positioned to immediately begin capturing the benefits of the combination upon closing. I also want to recognize all of our leaders for their continued guidance as we plan for the new Zimmer Biomet and thank those who will be continuing in advisory roles following the closing to help ensure a seamless transition and integration."
Until the closing of the transaction, the respective companies will continue to operate under their current leadership structure and as two separate organizations.
As previously announced on April 24, 2014, Zimmer and Biomet agreed to combine in a transaction valued at approximately $13.35 billion. The combination, which is expected to close in the first quarter of 2015, remains subject to the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, approval from the European Commission and the Japan Fair Trade Commission, as well as other customary closing conditions. It is expected that the combined company's shares will trade on the New York Stock Exchange under Zimmer's current ticker symbol of "ZMH" following the closing.
About Zimmer Holdings, Inc.
Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer designs, develops, manufactures and markets orthopaedic reconstructive, spinal and trauma devices, dental implants, and related surgical products. Zimmer has operations in more than 25 countries around the world and sells products in more than 100 countries. Zimmer's 2013 sales were approximately $4.6 billion. The Company is supported by the efforts of more than 9,000 employees worldwide.
Source: Zimmer Holdings Inc.