Orthofix: Advancing as a Global Spine and Orthopedics Leader with New Directors

Orthofix Medical Inc. has made an exciting announcement that will further solidify its position as a leading global spine and orthopedics company. The company has reached an agreement with Engine Capital Management, LP, one of its largest shareholders, and has appointed three new independent directors to its board.

The three new directors bring with them extensive experience in finance, strategic development, healthcare, and medical technology. Their addition is expected to drive Orthofix's strategy and objective of delivering enhanced shareholder value.

A Strategic Partnership

Orthofix's collaboration with Engine Capital Management is a significant milestone for the company. Engine Capital Management is one of the company's largest shareholders, owning approximately 8.2% of Orthofix's outstanding shares. The partnership reflects a constructive engagement between Orthofix and Engine Capital Management, as both parties recognized the value creation opportunities within the company.

Appointment of Three New Independent Directors

The appointment of three new independent directors to Orthofix's board will bring fresh perspectives and expertise to the company. These directors have a successful track record in various fields, including wealth management, biotechnology, and medical device manufacturing.

Alan Bazaar, the CEO of Hollow Brook Wealth Management LLC, will join Orthofix's board. With his extensive experience in private investment firms and public equity portfolios, Bazaar brings valuable financial expertise to the table.

Michael Finegan, CEO of Acera Surgical, will also join the board. Finegan's previous experience at Orthofix, where he served as Chief Strategy Officer, gives him unique insights into the company's operations and growth opportunities.

Lastly, Charles Kummeth, President and CEO of Bio-Techne Corporation, will join the board. Kummeth's background in biomedical research and clinical laboratories will contribute to Orthofix's commitment to innovation and quality.

Building a Strong Board for Future Growth

With these new appointments, Orthofix's board will consist of 12 directors, with 11 expected to be independent as of early 2024. This reinforces the company's commitment to corporate governance and ensuring independent oversight.

The company expects to reduce the board size to nine members at the 2024 Annual Meeting, further streamlining decision-making processes and enhancing efficiency.

A Global Footprint

Orthofix has a robust global presence, with its products distributed in approximately 68 countries worldwide. The company's headquarters are in Lewisville, Texas, with primary offices in Carlsbad, CA, and Verona, Italy.

Additionally, Orthofix has global R&D, commercial, and manufacturing facilities in various locations, including Irvine, CA, Toronto, Canada, and Munich, Germany. This broad footprint positions the company to serve customers and patients across different regions effectively.

Looking Ahead

The partnership between Orthofix and Engine Capital Management, along with the appointment of three new independent directors, marks an exciting new chapter for the company. With a focus on innovation, growth, and shareholder value, Orthofix is poised to strengthen its position as a leading global spine and orthopedics company.

Disclaimer: This article is for informational purposes only. The information provided does not constitute financial advice or investment recommendations. Please consult with a financial professional for specific advice tailored to your individual circumstances.