The head of the DePuy Orthopaedics division of Johnson & Johnson (J&J), David Floyd, is stepping down. Floyd is resigning as worldwide president of DePuy Orthopaedics, a post he’s held since 2007. He will leave at the end of March.
A spokesperson for DePuy told Bloomberg News that Floyd is leaving to “pursue interests outside the company,” and declined to be more specific.
Warsaw, Ind.-based DePuy, which makes large-joint replacements as well as spinal devices, generated $5.59 billion in revenue last year. Sales of its hip and knee implants fell in last year’s fourth quarter, hurt by a slowdown in medical procedures due to economic weakness and the recalls, the company said in its Jan. 25 earnings statement.
DePuy Orthopaedics recalled the ASR XL acetabular hip system last August, after researchers found 13 percent of patients needed revision surgery to fix problems with the implant. The company took a $280 million charge in the fourth quarter to pay for the recall.
The company faces more than 500 lawsuits in state and federal courts by patients who had the hip implants.