Organogenesis President and Chief Executive Officer Gary S. Gillheeney, Sr. Elected Chair of the Board of Directors
Organogenesis Holdings Inc. (Nasdaq: ORGO) has announced significant leadership changes within its Board of Directors. Gary S. Gillheeney, Sr. has been elected as Chair of the Board while continuing as President and CEO, a role he has held since 2014, succeeding Alan A. Ades, who remains a director. Additionally, Arthur S. Leibowitz, a director since 2018, has been appointed as Lead Independent Director. The Board expressed confidence in Gillheeney's leadership and strategic vision, which are expected to drive the company’s growth in the Advanced Wound Care and Surgical and Sports Medicine markets. The company's commitment to integrated healing solutions aims to improve patient outcomes and reduce care costs. However, forward-looking statements indicate potential risks related to competition, reimbursement levels, and product viability.
- Gary S. Gillheeney's appointment as Chair of the Board indicates continuity in leadership, which may strengthen strategic direction.
- Arthur S. Leibowitz's role as Lead Independent Director is expected to enhance board oversight and governance.
- Potential risks stemming from competitive pressures could adversely affect business performance.
- The company's need to convince physicians of the safety and efficacy of its products poses challenges for market penetration.
Arthur S. Leibowitz to Serve as Lead Independent Director
CANTON, Mass., April 27, 2023 (GLOBE NEWSWIRE) -- Organogenesis Holdings Inc. (Nasdaq: ORGO), a leading regenerative medicine company focused on the development, manufacture, and commercialization of product solutions for the Advanced Wound Care and Surgical and Sports Medicine markets, today announced that its Board of Directors has elected President and Chief Executive Officer Gary S. Gillheeney, Sr., as Chair of the Board, effective immediately. Gillheeney will continue in his role as President and Chief Executive Officer, which he has held since 2014. Mr. Gillheeney succeeds Alan A. Ades, who has served as a director and as Chair of the Board since 2003. Mr. Ades will continue to serve as a director on the Company’s eleven-member Board of Directors.
The Company also announced that the Board of Directors has designated Arthur S. Leibowitz, Director and Chair of the Audit Committee, to serve as Lead Independent Director, effective immediately. Mr. Leibowitz has served as a director since 2018.
“Our Board is very grateful for the leadership and commitment that Alan has provided as Chair of our Board these past four years, and we look forward to his continued involvement as a Board member. As our President and CEO, Gary has consistently demonstrated exceptional leadership of Organogenesis, both in terms of guiding the long-term vision of the Company as a valuable member of the Board of Directors and in driving the execution of our growth strategy,” said Mr. Leibowitz. “Given Gary’s contributions to the Company’s success, and his demonstrated thought leadership in the Advanced Wound Care and Surgical and Sports Medicine markets, the Board of Directors believes Gary is an ideal fit to serve as the Company’s next Chair of the Board.”
Mr. Ades commented, “We believe electing Gary as Chair of the Board is a case of identifying the right leader, at the right time, to best-position the Company for its next stage of growth. I look forward to continuing to serve as a valuable member of the Board of Directors.”
“I am honored to be taking on this important leadership role at such an exciting time for our Company,” said Mr. Gillheeney. “I look forward to working closely with Art in his role as Lead Independent Director, as well as with the other members of the Board. It is a privilege to lead the Board, our executive team and approximately 1,000 Organogenesis employees worldwide. Our team is committed to our mission to provide integrated healing solutions that substantially improve outcomes and lower the overall cost of care in the Advanced Wound Care, Surgical & Sports Medicine and burn markets. We expect our continued focus on executing our proven strategy will create value for all Organogenesis stakeholders going forward.”
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified by the use of words such as “believe,” “expect” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include statements relating to the Company’s expected growth and creation of value for Organogenesis stakeholders. Forward-looking statements with respect to the operations of the Company, strategies, prospects, and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: (1) the impact of any changes to the reimbursement levels for the Company’s products; (2) the Company faces significant and continuing competition, which could adversely affect its business, results of operations and financial condition; (3) rapid technological change could cause the Company’s products to become obsolete and if the Company does not enhance its product offerings through its research and development efforts, it may be unable to effectively compete; (4) to be commercially successful, the Company must convince physicians that its products are safe and effective alternatives to existing treatments and that its products should be used in their procedures; (5) the Company may owe rebates to the federal government prospectively on certain of its products if more than a certain percentage of the product is not administered to a patient and is discarded (wasted) by providers; (6) the Company’s ability to raise funds to expand its business; (7) the Company has incurred losses in prior years and may incur losses in the future; (8) changes in applicable laws or regulations; (9) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (10) the Company’s ability to maintain production of Affinity in sufficient quantities to meet demand; (11) any resurgence of the COVID-19 pandemic and its impact, if any, on the Company’s fiscal condition and results of operations; (12) the impact of the suspension of commercialization of: (a) ReNu and NuCel in connection with the expiration of the FDA’s enforcement grace period for HCT/Ps on May 31, 2021 and (b) Dermagraft in the second quarter of 2022 pending transition of manufacturing to a new manufacturing facility or a third-party manufacturer; and (13) other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including Item 1A (Risk Factors) of the Company’s Form 10-K for the year ended December 31, 2022 and its subsequently filed periodic reports. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
About Organogenesis Holdings Inc.
Organogenesis Holdings Inc. is a leading regenerative medicine company focused on the development, manufacture and commercialization of solutions for the advanced wound care and surgical and sports medicine markets. Organogenesis offers a comprehensive portfolio of innovative regenerative products to address patient needs across the continuum of care.
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