Zimmer Biomet Announces Key Additions to "NewCo" Leadership Team; Transaction to Form New Independent, Publicly Traded Company On Track
Zimmer Biomet Holdings (NYSE: ZBH) announced key leadership appointments for its planned spin-off company, ZimVie, targeting the Spine and Dental businesses. Richard J. Heppenstall joins as Executive Vice President and CFO, bringing over 25 years of finance experience in the medtech sector. The spin-off is on track for mid-2022, aiming to enhance resource allocation and market leadership. The new leadership team includes seasoned professionals across various functions to drive ZimVie’s success post-separation.
- Appointment of Richard J. Heppenstall as CFO, expected to bring valuable finance expertise.
- Formation of a seasoned leadership team to guide ZimVie towards success after the spin-off.
- Strategic spin-off of Spine and Dental businesses anticipated to optimize resource allocation.
- Uncertainties regarding the successful execution of the spin-off and its timing.
- Potential risks associated with leadership transition during the spin-off process.
WARSAW, Ind., Sept. 14, 2021 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced key appointments to the "NewCo" leadership team, including Richard J. Heppenstall as Executive Vice President and Chief Financial Officer. Additionally, the Company announced ZimVie as the name for the planned spin-off company for the Spine and Dental businesses. Zimmer Biomet announced in February 2021 its intent to form a new independent, publicly traded company to optimize resource allocation and drive toward market leadership. That transaction process remains on track, with an expected close in mid-2022.
Mr. Heppenstall brings more than 25 years of broad corporate and operational finance experience to ZimVie, most recently serving as Chief Financial Officer of Breg, Inc., a global manufacturer and solutions provider of orthopedic braces, cold therapy and other medical equipment.
"Rich is joining ZimVie at an instrumental time for the company, as we continue to shape our operating model and business plans in preparation for the planned spin-off," said Vafa Jamali, CEO of ZimVie. "His extensive experience across all areas of finance within the medtech space will be critically important as we advance toward the formation of a new independent company for our Spine and Dental businesses."
Mr. Heppenstall previously held senior leadership roles at Orthofix International, Solera Holdings, Flowserve Corporation and Coopervision Inc., among others. He holds a master's degree in Business Administration from Santa Clara University and a Bachelor of Arts in Economics from University of California, Irvine.
In addition to Mr. Heppenstall, the following team members have been appointed to the ZimVie leadership team, reporting directly to Mr. Jamali.
- Vincent Binetti, General Manager, Bone Healing
- Laura Driscoll, Vice President, Communications
- David Harmon, Senior Vice President, Chief Human Resources Officer
- Indraneel Kanaglekar, Senior Vice President, President, Global Dental
- Heather Kidwell, Senior Vice President, Chief Legal and Compliance Officer
- Mike Minette, Senior Vice President, Strategy and Corporate Development
- Ann Vu, Senior Vice President, Regulatory Affairs and Quality Assurance
- Rebecca Whitney, Senior Vice President, President, Global Spine
"I'm incredibly excited to bring on such a seasoned leadership team to drive ZimVie forward following the separation. With their collective experience, I know we have the right leaders in place to set ZimVie up for success," continued Mr. Jamali.
About the Company
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow Zimmer Biomet on Twitter at www.twitter.com/zimmerbiomet.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning our expectations, plans, intentions, strategies or prospects, the anticipated spin-off of our Spine and Dental businesses and the expected timetable for completing the transaction. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements, including but not limited to risks and uncertainties regarding economic, competitive, governmental, regulatory and technological factors affecting our operations, markets, products, services, customers and suppliers, the impact of the COVID-19 pandemic, as well as any changes in or abandonment of the proposed transaction and our ability to satisfy the conditions to the proposed transaction, and such forward-looking statements are not guarantees of future performance. A further list and description of these risks and uncertainties and other factors can be found in our Annual Report on Form 10-K for the year ended December 31, 2020, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and our subsequent filings with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, www.zimmerbiomet.com or on request from us. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this news release are cautioned not to rely on these forward-looking statements since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary note is applicable to all forward-looking statements contained in this news release.
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SOURCE Zimmer Biomet Holdings, Inc.
FAQ
What leadership changes have been announced for Zimmer Biomet's spin-off, ZimVie?
When is the expected completion date for Zimmer Biomet's spin-off of ZimVie?
What is the purpose of the spin-off for Zimmer Biomet's Spine and Dental businesses?
What experience does Richard J. Heppenstall bring to ZimVie?
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