After a five-month search, Zimmer Biomet announced that medical device industry veteran Bryan Hanson is now the company’s top executive.
Warsaw, IN-based Zimmer Biomet (NYSE: ZBH) said Hanson’s appointment was effective Tuesday. He replaces interim CEO Daniel Florin, who will resume his duties as senior vice president and CFO.
Zimmer Biomet sells musculoskeletal medical devices used in a wide range of orthopedic, sports medicine, and surgical applications. Hanson brings to the company a long resume in medical devices. Most recently, he worked at Medtronic (NYSE: MDT), where he was executive vice president of the company’s executive committee, and vice president of its minimally invasive therapies group. Before Medtronic, Hanson held senior management roles at Covidien.
Zimmer Biomet started looking for a new CEO in July, following the sudden departure of former chief executive David Dvorak. At the time, the company gave no reason why Dvorak was leaving. The announcement followed Zimmer Biomet’s release of earnings data on the low end of its earlier projections.
In a research note, Canaccord Genuity said it viewed Hanson’s hire as a positive move because it removes uncertainty about Zimmer Biomet’s management and adds a seasoned medical technology veteran to the executive team and board of directors. The firm added that it expects the hire will please investors, “given our recent diligence suggested Mr. Hanson was at the top of investors’ short list of potential candidates.”
Zimmer Biomet’s stock price closed at $121.38, up more than 6 percent from Monday’s close.
Stock image by Depositphotos.