Durham, North Carolina-based Bioventus said its board initiated a comprehensive search process to identify a permanent CEO. Until it finds one, the board appointed Anthony Bihl as interim CEO, effective immediately. Bihl has more than 35 years of industry experience. He previously served as CEO of Bioventus from 2013 until his retirement in 2020. He currently serves as a board member for Sonendo and Spectral Medical.
“I look forward to working closely with the board and executive leadership team as interim CEO,” Bihl said in a news release. “Bioventus has a strong foundation, a differentiated portfolio of leading products that drive value for patients, and significant potential across large and growing addressable markets. I look forward to leveraging my prior executive leadership experience to stabilize the company, improve execution and enhance shareholder value as we deliver on the company’s mission.”
Bioventus did not provide a reason for Reali’s departure. He joined as CEO in March 2020.
Prior to his time at Bioventus, Reali served as president and CEO of Clinical Innovations. He has also held leadership positions at Biomet, Stryker and Smith & Nephew.
“On behalf of the board and Bioventus employees, I want to thank Ken for his valuable contributions to Bioventus and his dedicated leadership over the past three years,” said William Hawkins, executive chair. “We are urgently looking to address our performance and execution, unlock long-term value and deliver on the expectations of our shareholders. As we search for a permanent successor, we believe Tony is uniquely positioned as the interim CEO to lead Bioventus through this transition given his previous experience, tenure and success at the company.”