06.17.11
Orthofix International N.V. has promoted Robert Vaters, chief operating officer (COO), to president and chief executive officer (CEO). Vaters is replacing Alan Milinazzo, whose last official day is Aug. 1. Milinazzo will retain his seat on the board.
Vaters was named COO in January after serving less than three years as chief financial officer (CFO).
"Since joining Orthofix as CFO in 2008, Bob has delivered measurable business value in our key business drivers, proving himself a tireless worker and terrific leader through a series of increasingly challenging and successful assignments,” said Jim Gero, Orthofix board chairman. “The board believes Bob is the right person to lead our company during this next phase of our growth and we're excited that he has accepted the position of president and CEO.”
Vaters previously served as general partner and co-founder of Med Opportunity Partners LLC, a Greenwich, Conn.-based private equity firm.
"I want to thank Jim and the board for their confidence and look forward to working with them to deliver value for our employees, shareholders and business partners,” Vaters said. “This is an exciting time for Orthofix as we work together to maximize the potential of this organization. I also look forward to Alan's assistance during this transition.”
The change in executive management move comes six months after a December 2010 announcement that Lewisville, Texas-based Orthofix would cut an unspecified number of jobs and restructure the company to save up to $7 million. Orthofix first restructured two years ago when it moved its Blackstone subsidiary operations out of New Jersey and Massachusetts to Texas.
Vaters was named COO in January after serving less than three years as chief financial officer (CFO).
"Since joining Orthofix as CFO in 2008, Bob has delivered measurable business value in our key business drivers, proving himself a tireless worker and terrific leader through a series of increasingly challenging and successful assignments,” said Jim Gero, Orthofix board chairman. “The board believes Bob is the right person to lead our company during this next phase of our growth and we're excited that he has accepted the position of president and CEO.”
Vaters previously served as general partner and co-founder of Med Opportunity Partners LLC, a Greenwich, Conn.-based private equity firm.
"I want to thank Jim and the board for their confidence and look forward to working with them to deliver value for our employees, shareholders and business partners,” Vaters said. “This is an exciting time for Orthofix as we work together to maximize the potential of this organization. I also look forward to Alan's assistance during this transition.”
The change in executive management move comes six months after a December 2010 announcement that Lewisville, Texas-based Orthofix would cut an unspecified number of jobs and restructure the company to save up to $7 million. Orthofix first restructured two years ago when it moved its Blackstone subsidiary operations out of New Jersey and Massachusetts to Texas.