On December 19, 2017, Zimmer Biomet Holdings (ZBH) announced the appointment of Bryan C. Hanson as president and CEO (chief executive officer) and as a member of its board of directors. The appointment was effective starting December 19, 2017.
On the day, ZBH stock rose by more than 6%. The iShares Core S&P 500 ETF (IVV) witnessed a decline of approximately 0.86% that same day. ZBH accounts for ~0.11% of IVV’s total holdings.
In July 2017, ZBH announced the departure of its former CEO and President David C. Dvorak. (For details, check out Market Realist’s “What Zimmer Biomet’s Leadership Transition Could Mean for Its Core Growth Strategy.”) Dvorak resigned due to a series of issues that the company faced after the merger of Zimmer Holdings and Biomet.
The delay in closing the deal and inefficient integration resulted in a slowdown in the company’s sales growth. ZBH underwent a number of strategic tuck-in acquisitions after the merger. The chart above shows the recent acquisitions by the company.
The board had appointed the company’s senior vice president and CFO (chief financial officer), Daniel Florin, as the interim CEO, effective July 11, 2017, but since the appointment of Bryan C. Hanson on December 19, 2017, Florin will return to his position of CFO.
Who is Bryan C. Hanson?
Hanson has more than 20 years of experience in the medical technology industry. Before joining Zimmer Biomet Holdings, he was with Medtronic (MDT), serving as a member of the company’s Executive Committee. Hanson held the position of executive vice president and president of Medtronic’s MITG (Minimally Invasive Therapies Group) business. Hanson also serves on the board of AmeriCares, an emergency response and global health organization.