The president and chief executive officer of Warsaw-based Zimmer Biomet Holdings Inc. (NYSE: ZBH) has stepped down. The company says David Dvorak, who also stepped down from its board of directors, will remain in an advisory capacity for an undisclosed period of time.
Dvorak was named CEO in May 2007. The Zimmer Biomet Board of Directors has appointed Senior Vice President and Chief Financial Officer Daniel Florin to serve as interim CEO in addition to his current duties. He will also serve as a member of the board until a permanent successor for both roles is named.
"Serving alongside Zimmer Biomet’s dedicated employees over the past 16 years and leading the Company as CEO for ten of those years has been a privilege and a highlight of my professional career," said Dvorak. "Our collective efforts grew employment from approximately 3,000 in 2001 to 18,000 today and built a Fortune 500 company. I am particularly proud of what we have accomplished working together with surgeons and clinicians to help millions of patients globally improve their quality of life."
The company’s board of directors will retain an executive search firm to evaluate candidates to eventually succeed Dvorak on a permanent basis.
"During David’s ten-year tenure as CEO, Zimmer Biomet has transformed into a truly global leader in musculoskeletal healthcare," Board Chairman Larry Glasscock said in a news release. "Through a combination of organic growth and strategic acquisitions, Zimmer Biomet’s revenue has doubled and the Company has established a leading portfolio of technologies, solutions and personalized services. With this strong platform in place, there is tremendous opportunity for Zimmer Biomet."
In April, the company reported its first quarter earnings, which were nearly triple the net income of the previous year.