CONMED Corporation Announces Leadership Succession

Rhea-AI Summary

CONMED (NYSE: CNMD) announced a leadership transition as CEO Curt R. Hartman will retire effective January 1, 2025. Current COO Patrick Beyer will succeed as President and CEO. During Hartman's 10-year tenure, CONMED nearly doubled revenues and more than doubled profitability through portfolio expansion and strategic acquisitions. Martha Goldberg Aronson will become Board Chair on October 31, 2024. Hartman will continue as a Director through December 2024 and remain as an advisor until March 2027. Beyer, who joined CONMED in 2014, has served in various leadership roles including President of International and Global Orthopedics, leading key acquisitions like In2Bones and BioRez.

Positive

• Nearly doubled company revenue and more than doubled profitability over past 10 years
• Successful execution of multiple strategic acquisitions enhancing product portfolio
• Smooth leadership transition with internal successor having extensive company experience

Negative

• None.

Insights

Market Research Analyst

This planned CEO succession at CONMED represents a well-orchestrated leadership transition. Under Hartman's tenure, the company achieved significant growth, with revenues nearly doubling and profitability more than doubling since 2014. The selection of Pat Beyer, who has been with CONMED since 2014 and led key acquisitions like In2Bones and BioRez, suggests strategic continuity.

Beyer's extensive experience in both orthopedics and international markets, combined with his recent COO role overseeing commercial operations, positions him well to continue CONMED's growth trajectory. His background at Stryker and track record of successful acquisitions indicates strong operational and strategic capabilities. The extended transition period until January 2025 and Hartman's advisory role through 2027 should ensure stability and knowledge transfer.

LARGO, Fla.--(BUSINESS WIRE)-- CONMED Corporation (NYSE: CNMD) today announced that Curt R. Hartman will retire as President and Chief Executive Officer (CEO) of the Company, effective January 1, 2025. Patrick Beyer, current Chief Operating Officer (COO) of CONMED, will succeed Mr. Hartman as President and CEO and will also be appointed as a member of the Company’s board, effective the same date.

As part of the transition, Lead Independent Director Martha Goldberg Aronson will assume the position of Chair of the Board on October 31, 2024, while Mr. Hartman will continue serving as a Director through December 31, 2024. Mr. Hartman will remain with CONMED as an advisor through March of 2027.

“On behalf of the entire CONMED Board of Directors, I’d like to thank Curt for his extraordinary contributions to CONMED over the last 10 years,” said Ms. Aronson. “Curt has been instrumental in growing and diversifying the portfolio and expanding our business in key markets, nearly doubling the Company’s revenues and more than doubling its profitability during his tenure. Curt and his team transformed CONMED into a leader in key markets and categories across both General Surgery and Orthopedics, and the Company is in a significantly stronger position than when he joined in 2014. Curt and his team led the acquisitions of several innovative, highly impactful technologies that have been instrumental in driving the Company’s above-market growth and strong profitability. As a result of this transformation, we have helped thousands of patients lead better lives. We truly appreciate Curt’s commitment to CONMED and his support in ensuring a smooth and successful transition. We are very excited to have Pat Beyer succeeding Curt as President and CEO. Pat brings a long track record of success, both at CONMED and prior companies, and we look forward to him leading the Company.”

"It has been a privilege to lead CONMED for the past decade, and I am incredibly proud of what we have accomplished together,” said Mr. Hartman. “The team has transformed this business into a world-class organization with a truly innovative portfolio driven by both internal research & development as well as several successful acquisitions. I am thrilled to be succeeded by Pat, as we’ve worked closely together for many years, and he was my first leadership hire when I joined CONMED in 2014. Since assuming the role of Chief Operating Officer this past April, Pat has already made a positive impact on the business, and I look forward to seeing CONMED advance even further under his leadership.”

“I am excited to be appointed as the next President and CEO of CONMED and am extremely grateful to Curt, Martha, and the Board of Directors for the opportunity. I am honored to succeed Curt and am deeply appreciative of his leadership and mentorship over the years we have worked together, including during this transition,” said Mr. Beyer. “I look forward to leading our team in driving further growth and innovation across our businesses and continuing to deliver state-of-the-art products to our customers, allowing them to drive better outcomes for their patients.”

Mr. Beyer joined CONMED in 2014 as President of International. In October 2020, Mr. Beyer was promoted to President of International and Global Orthopedics, where he took on the added responsibilities for the Company’s Global Orthopedics R&D and U.S. Orthopedics commercial business. In 2022, Mr. Beyer led the process of acquiring both In2Bones and BioRez. In April 2024, Mr. Beyer was promoted to the role of Chief Operating Officer (COO), in which he took on additional responsibility for leading the Company’s commercial businesses, as well as Operations, Distribution, Regulatory Affairs / Quality Assurance, and Customer Excellence. Prior to CONMED, Mr. Beyer spent 21 years at Stryker in leadership roles of increasing progression and nearly four years as CEO of ICNet International. He holds a B.A. in Economics from Kalamazoo College and an M.B.A from Western Michigan University. Mr. Beyer also completed the Advanced Management Program at Harvard University.

About CONMED Corporation

CONMED is a medical technology company that provides devices and equipment for surgical procedures. The Company’s products are used by surgeons and other healthcare professionals in a variety of specialties including orthopedics, general surgery, gynecology, thoracic surgery, and gastroenterology. For more information, visit www.conmed.com.

Forward-Looking Statements

This press release may contain forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties, which could cause actual results, performance, or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. For example, in addition to general industry and economic conditions, factors that could cause actual results to differ materially from those in the forward-looking statements may include, but are not limited to the risk factors discussed in the Company's Annual Report on Form 10-K for the full year ended December 31, 2023, listed under the heading Forward-Looking Statements in the Company’s most recently filed Form 10-Q and other risks and uncertainties, which may be detailed from time to time in reports filed by CONMED with the SEC. Any and all forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241030725777/en/

CONMED Corporation

Todd W. Garner

Chief Financial Officer

727-214-2975

ToddGarner@conmed.com

Source: CONMED Corporation

FAQ

When will Curt Hartman retire as CONMED (CNMD) CEO?

Curt Hartman will retire as CONMED's President and CEO effective January 1, 2025.

Who will be the new CEO of CONMED (CNMD) in 2025?

Patrick Beyer, current Chief Operating Officer (COO), will become CONMED's new President and CEO effective January 1, 2025.

What major acquisitions did CONMED (CNMD) complete under Patrick Beyer's leadership?

Under Patrick Beyer's leadership, CONMED acquired In2Bones and BioRez in 2022.

When will Martha Goldberg Aronson become CONMED (CNMD) Board Chair?

Martha Goldberg Aronson will assume the position of Chair of the Board on October 31, 2024.