Orthofix Top Execs Fired for Harassment, ‘Inappropriate Conduct’

Orthofix has announced Keith Valentine, John Bostjancic, and Patrick Keran have been terminated from their respective roles as CEO, chief financial officer (CFO), and chief legal officer following an independent, outside investigation overseen by the company’s board of directors.
 
The company said the investigation revealed each of these executives “engaged in repeated inappropriate and offensive conduct that violated multiple code of conduct requirements and was inconsistent with the company’s values and culture.” Orthofix also said the matters aren’t related to and don’t impact the company’s strategy, results of operations, or previously filed financial statements.
 
Catherine Burzik, chair of the Orthofix board, told the press, “Orthofix’s core values are built around fostering, cultivating and preserving a culture that is respectful, and we do not condone harassing or inappropriate conduct or statements of any kind. We require all employees—and especially our leaders—to behave in accordance with the company’s values. The Board did not make these decisions lightly. We believe they are necessary to ensure our employees, investors, customers, and other stakeholders have confidence in the company’s leaders.”
 
Catherine Burzik, chair of the Orthofix board of directors, has been appointed interim CEO; Geoffrey Gillespie, Orthofix VP, corporate controller, was appointed interim CFO; and Puja Leekha, Orthofix senior VP, chief ethics and compliance officer, has been appointed interim chief legal officer.

The company said the board will start an immediate search for permanent successors.
 
Stuart Essig, Ph.D., Chair of the Board’s Nominating, Governance & Sustainability Committee, said, “Cathy is among the most respected executives in medtech with more than 30 years of experience across the diagnostics, life sciences and medical device industries. Her leadership on the Orthofix Board and her record guiding other global companies, including as CEO, made her the natural choice to serve as Interim CEO at Orthofix. We know that Cathy, along with our proven business unit leaders and teams, will help ensure the continued execution of the company’s strategy and a smooth transition while the Board conducts its executive search.”