Orthofix International N.V. (NASDAQ: OFIX) announced today that Robert
S. Vaters has been appointed as the company’s
Executive Vice President and Chief Financial Officer effective September
7, 2008.
Mr. Vaters joins Orthofix after almost four years as a senior executive
at Inamed Corporation, where he was Executive Vice President, Chief
Financial Officer and Head of Strategy and Corporate Development. Inamed
Corporation, a global medical device company, was acquired by Allergan
Inc. in March of 2006. During Mr. Vaters’s
tenure at Inamed a number of significant milestones were achieved,
including a debt refinancing, the completion of several licensing
transactions, numerous FDA product approvals, the implementation of an
enterprise resource planning (ERP) program and, most significantly, an
increase of over $2.8 billion in shareholder value.
Since 2006, Mr. Vaters has been General Partner of a health care private
equity firm, which he co-founded, and serves on the Boards of two health
care companies.
Orthofix’s CEO, Alan Milinazzo, stated, “Bob’s
experience in providing financial leadership for global companies and
his knowledge of the medical device industry will be valuable assets as
we continue to focus on strengthening our legacy businesses while
executing the strategy for our emerging spine business.”
Tom Hein, who has served as Orthofix’s CFO for
more than eight years, will remain with the Company as Executive Vice
President of Finance.
About Orthofix International, N.V.
Orthofix International, N.V., a global medical device company, offers a
broad line of minimally invasive surgical, and non-surgical, products
for the spine, orthopedic, and sports medicine market sectors that
address the lifelong bone-and-joint health needs of patients of all ages–helping
them achieve a more active and mobile lifestyle. Orthofix’s
products are widely distributed around the world to orthopedic surgeons
and patients via Orthofix’s sales
representatives and its subsidiaries, including BREG, Inc. and
Blackstone Medical, Inc., and via partnerships with other leading
orthopedic product companies including Kendall Healthcare. In addition,
Orthofix is collaborating in R&D partnerships with leading medical
institutions such as the Orthopedic Research and Education Foundation,
Rutgers University, the Cleveland Clinic Foundation, and National
Osteoporosis Institute. For more information about Orthofix, please
visit www.orthofix.com.
Inducement Grants
In conjunction with his appointment, Mr. Vaters entered into an
employment agreement with Orthofix that is substantially similar to
agreements in place with the Company’s other
senior officers. As an additional inducement for him to enter into the
employment agreement, Mr. Vaters will receive an award of 150,000 stock
options at an exercise price of $25.05. These options will vest in
one-third increments beginning on the first anniversary of his date of
employment. This grant will be made as part of a standalone inducement
stock option agreement, but on terms substantially the same as grants
made under the Company’s Amended and Restated
2004 Long Term Incentive Plan and related stock option agreement. This
agreement, and Mr. Vaters’s employment
agreement, include provisions for accelerated vesting of the options
upon a change of control, or in the event of termination without cause
or resignation for good reason as defined in those agreements.
Orthofix International N.V.
Dan Yarbrough, 617-912-2903
Vice
President of Investor Relations
danyarbrough@orthofix.com
