Globus Medical President and CEO Dave Demski Resigns

Globus Medical Inc.’s CEO—who has worked for the company in various roles since its 2003 founding—is parting ways with the organization.

Upon announcing President and CEO Dave Demski’s resignation, the companyl’s Board of Directors named Daniel T. Scavilla as president and CEO, effective immediately.

“Globus is fortunate to have a strong executive leadership team, and we are pleased to announce that Dan has agreed to lead Globus in executing on our strategy of becoming the pre-eminent musculoskeletal technology company in the world”, said Paul. “Dan began his career with Globus in 2015 as chief financial officer. In 2019, he was named executive vice president, chief commercial officer and in 2020 also became president of Trauma. Dan came to Globus after 28 years with Johnson & Johnson, holding various positions in finance, including CFO of Vision Care, a multi-billion dollar a year company. Over the past seven years, Dan has become an integral part of Globus’ executive team, providing steady and committed leadership that will now extend to the entire organization to drive our strategic goals.”

“I’m grateful to the Board of Directors and David Paul for this opportunity. I want to thank Dave for his leadership and support of me over the past seven years through various roles in Globus,” commented Scavilla. “I look forward to shaping the future of Globus using our cultural values, innovation engine, strong sales force and dedicated employee base worldwide to continue solving unmet clinical needs and supporting our surgeons.  These are exciting times for Globus and we are well positioned to continue impacting our markets.”
 
Demski had been CEO since August 2017 and president since April 2019. Previously, Demski served as Globus Medical’s chief financial officer from 2003 to July 2008, as president and chief operating officer (COO) from August 2008 until September 2015, and as president, Emerging Technologies, from September 2015 until August 2017.

“It has been a privilege to be part of the executive leadership of Globus Medical since its inception, working with talented and dedicated team members for almost two decades to improve the lives of patients”, said Demski. “This departure allows me to pursue other opportunities with the confidence that I am leaving Globus in good hands and well positioned for the future.”

Before joining Globus, Demski founded Cornerstone Capital LBO Fund, a boutique leveraged buyout consultancy. Demski’s experience also includes serving as vice president for Gilo Ventures, a Silicon Valley-based venture capital fund, and serving as COO of Rendall and Associates, a telecommunications-focused consulting firm. Demski also managed regional and international distribution for Domino’s Pizza during the company’s growth in the late 1980s.

Previously Demski was an audit supervisor for Peat, Marwick, Mitchell & Company. Demski earned a bachelor of science degree in business administration from the University of Michigan and an MBA from Stanford Graduate School of Business. Demski also serves on the Board of Directors at Axonics Inc., a global medical technology company that is developing and commercializing novel products for the treatment of bladder and bowel dysfunction.

“Dave has been a great partner to me and a truly integral part of Globus, from its humble beginnings in 2003 to a global, publicly-traded medical device company with annual revenue approaching $1 billion,” Globus Medical Founder and Executive Chairman David C. Paul stated. “I want to personally thank him for his countless contributions over the years and wish him well as he pursues other opportunities. Dave will remain with the company to assist with the transition through June 30.”
  
In conjunction with Demski’s resignation announcement, Globus Medical released its preliminary sales results for the first quarter ending March 31. The company anticipates first quarter 2022 sales to be approximately $230.5 million, a 1.4 percent increase over Q1 2021. 
 
“We’re pleased to deliver year on year growth against a strong comp coupled with lingering COVID impacts and softer capital purchasing in Q1,” said Scavilla.  “As we progressed through March and entered April, we’ve seen procedural volumes continue to increase and we remain extremely excited about our Enabling Technologies business moving ahead.  Entering Q2, our robotics pipeline is robust, while our first imaging systems prepare for shipment.” 
 
The company reaffirmed its full year 2022 guidance with expected net sales of $1.025 billion and non-GAAP diluted earnings per share of $2.10.