Wright Announces Organizational Changes

Wright Medical Group N.V. announced organizational changes to further drive the company’s long-term growth and profitability, which support its vision to be the first choice in Extremities and Biologics.
 
Robert Palmisano, president and chief executive officer, stated, “Wright Medical is quickly becoming a $1 billion high-growth medtech company that is built to win in the fast-growing Extremities and Biologics markets. As we continue to grow and progress, there is a need to better align our team to support long-term revenue growth, profitability, and day-to-day execution. At the same time, we must stay strategically focused to maintain our technology differentiation and leadership positions. It is with these goals in mind that I am creating two new executive vice president positions, reporting to me, to advance our global commercial focus and to further transform our global business processes.” 
 
The following organizational changes are effective immediately:
 
Kevin Cordell, Wright’s current president, U.S., is being promoted to the newly created position of executive vice president, chief global commercial officer. Cordell joined Wright in 2014 and has more than 25 years of experience as a global medical technologies commercial leader with extensive experience leading direct sales forces. During his tenure at Wright, he was responsible for the successful integration of the U.S. commercial teams following the Tornier merger and optimizing the commercial sales and incentive structure in the U.S. upper and lower extremities and biologics business to drive growth. Cordell’s experience in market development and commercial operations will be key as Wright further extends its leading position in the U.S. Extremities and Biologics markets and focuses on driving growth and penetration in International, particularly in emerging markets. In this role, he will lead global commercialization, including sales, marketing, product research and development, surgeon education and clinical research. In conjunction with Cordell’s new role, Peter Cooke, currently president, international, will assume the role of president, emerging markets, Australia and Japan, and Steve Wallace, currently vice president of upper extremities marketing, will be promoted to president, international. Both positions will report to Cordell. 
 
Lance Berry, Wright’s current senior vice president and chief financial officer, is being promoted to the newly created position of executive vice president, chief financial and operations officer. Berry is a long-tenured, proven Wright executive with more than 15 years of industry experience, including extensive knowledge of the company’s operations, systems, and processes. During the last several years, Berry has led several successful initiatives to improve the company’s gross margin and reduce inventory, as well as lead the divestiture and carve-out of the company’s hip and knee business and the successful execution and integration of the company’s merger with Tornier. His position is critical as the company focuses on further transforming and optimizing global business operations and driving cost and process improvements. In this role, he will be responsible for global finance and accounting, operations, quality, regulatory, information technology, strategy, and corporate development.
 
Palmisano concluded, “With significant opportunities ahead, these organizational changes will allow for further alignment of our cross-functional organizations with a stronger and sharper focus on long-term growth and profitability, including a greater emphasis on the emerging market opportunity. I am looking forward to working with Kevin and Lance in their new leadership roles and am confident that these appointments, along with our other organizational changes, will further bolster our ability to capitalize on the growth opportunities in front of us and accelerate our market performance.”