Attached files
| file | filename |
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| 8-K - Symmetry Medical Inc. | v207813_8k.htm |
PRESS
RELEASE
|
Contact:
Symmetry
Medical Inc.
Fred
L. Hite
Senior
Vice President
Chief
Financial Officer
(574)
371-2218
|
Investors:
The
Ruth Group
Nick
Laudico/Zack Kubow
(646)
536-7030/7020
nlaudico@theruthgroup.com
zkubow@theruthgroup.com
Media:
The
Ruth Group
Jason
Rando
(646)
536-7025
jrando@theruthgroup.com
|
Symmetry
Medical Board of Directors Appoints Thomas J. Sullivan President and Chief
Executive Officer
Brian
Moore Remains as President of Business Development
Warsaw, Indiana, January 10,
2011 – Symmetry Medical Inc. (NYSE: SMA), a leading independent provider of
products to the global orthopaedic device industry and other medical markets,
announced today that its Board of Directors has appointed Thomas J. Sullivan as
President and Chief Executive Officer, effective January 17, 2011.
Brian S.
Moore, Symmetry’s current President and Chief Executive Officer, will remain
with the Company as President of Business Development. Mr. Moore will
also continue as a member of the Symmetry Board of Directors and will be
available to assist the executive team in a smooth transition. Mr. Moore will
remain with Symmetry through June 2012, with the option to extend the agreement
upon mutual consent.
Craig B.
Reynolds, Chairman of the Board of Directors, said, “The Board, as part of its
responsibility to ensure a smooth leadership transition, initiated a succession
process several months ago. We were most fortunate to attract
Tom and found his industry and operational experience to be a perfect
fit. We are excited to welcome Tom to the Symmetry Medical team at
this important juncture in the Company’s growth and development. He has a strong
mix of relevant leadership experience across a broad range of healthcare
disciplines and is well versed in the largest segment of Symmetry’s business,
orthopaedics.”
Mr.
Reynolds added, “On behalf of the Board of the Directors and the entire
management team, I would like to thank Brian Moore for his service as Symmetry’s
President and Chief Executive Officer over the past seven and a half years.
Under Brian’s leadership, the Company successfully completed its IPO and
secondary offerings, which provided capital to acquire and successfully
integrate several businesses that contributed to significant revenue growth and
a more diversified revenue mix. Brian will continue to contribute to the
business and we appreciate his commitment to work closely with the Company to
ensure a smooth transition.”
Mr.
Sullivan was previously the President of the Supply Chain & Business Process
division of Johnson & Johnson Health Care Systems, Inc. In this role, he led
the global supply chain competency center for the Medical Device &
Diagnostics Group as well as the commercial and government contracting processes
for the Johnson & Johnson Family of Companies’ U. S. health care
customers. He also led the Johnson & Johnson Supply Chain
Customer Experience Team accountable for all customer facing logistics services
across the Medical Device & Diagnostics, Pharmaceutical, and Consumer Groups
worldwide.
Prior to
this position, Mr. Sullivan served in several other senior leadership roles for
Johnson & Johnson, including President of DePuy Orthopaedics, Inc. from 2005
to 2007, and President of Johnson & Johnson Medical Products Canada from
2002 to 2005. Mr. Sullivan began his career in operations at Johnson &
Johnson in 1990. Prior to Johnson & Johnson, Mr. Sullivan spent five years
at Verizon. Mr. Sullivan holds a Bachelor of Science in Applied Mathematics and
Computer Science from the University of Pittsburgh and an MBA in Strategic
Management and Information Technology from The Wharton School, University of
Pennsylvania.
Mr.
Sullivan commented, “During my time working in medical devices, I developed an
appreciation for Symmetry Medical’s position in the industry and the value of
its Total Solutions®
offering. I believe that there is a tremendous opportunity to continue to build
upon the Company’s position as the leading provider to the orthopaedics industry
and to grow this business across multiple medical device
segments. Under Brian’s leadership, the Company has done an excellent
job to position itself for success based on the current market conditions and I
am excited to bring a new perspective to the growth strategy and operational
execution.”
Mr. Moore
said, “I would like to thank all of Symmetry’s employees and the Board of
Directors, with whom I have worked closely since 2003. Together we have achieved
major accomplishments in growth and diversification. I am
pleased to remain with the Company and am committed to supporting a smooth and
seamless transition.”
Separately,
the Company will hold an investor meeting in conjunction with the American
Academy of Orthopedic Surgeons 2011 Annual Meeting (AAOS) to be held in San
Diego from February 15 – 19, 2011, and will send a separate notification of
venue and time.
About
Symmetry Medical Inc.
Symmetry
Medical Inc. is a leading independent provider of implants and related
instruments and cases to the orthopaedic device industry. The Company also
designs, develops and produces these products for companies in other segments of
the medical device market, including arthroscopy, dental, laparoscopy,
osteobiologic and endoscopy sectors and provides limited specialized products
and services to non-healthcare markets, such as the aerospace
market.
Forward-Looking
Statements
Statements
in the press release regarding Symmetry Medical Inc.'s business, which are not
historical facts, may be "forward-looking statements" that involve risks and
uncertainties, within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are predictive in
nature and are frequently identified by the use of terms such as "may," "will,"
"should," "expect," "believe," "estimate," "intend," and similar words
indicating possible future expectations, events or actions. Such predictive
statements are not guarantees of future performance, and actual results could
differ materially from our current expectations. Certain factors that could
cause actual results to differ include: the loss of one or more customers; the
development of new products or product innovations by our competitors; product
liability; changes in management; changes in conditions effecting the economy,
orthopaedic device manufacturers or the medical device industry generally; and
changes in government regulation of medical devices and third-party
reimbursement practices. We refer you to the "Risk Factors" and "Forward Looking
Statements" sections in the Company's most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission as well as the Company's other
filings with the SEC, which are available on the SEC's Web site at
www.sec.gov.
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