Exactech (NSDQ:EXAC) announced today that it appointed Darin Johnson to succeed David Petty as president & CEO, effective immediately.
Petty is slated to transition from his CEO role to become the vice-chairman of Exactech’s board of directors. The Gainesville, Fla.–based company added that David Petty’s parents — co-founders Dr. Bill Petty, the current co-executive chairman, and his wife Betty Petty, VP of administration and corporate secretary — will both retire from the company.
Johnson has been with Exactech since 2002 and was most recently serving as senior VP of extremities, a role he took on in 2018. He was the original leader of Exactech’s Equinoxe shoulder product line, the company’s most successful segment, according to a news release.
“Darin brings a significant track record of strategic and operational success within Exactech and we are confident that he is the right person to lead the company into its next phase of growth,” Exactech Chairman Jeff Binder said in the release. “Darin’s leadership will be nicely complemented by the valuable institutional knowledge and perspectives that David Petty brings to the role of vice-chairman.”
“The Pettys, together with Dr. Gary Miller, have built an incredible company in Exactech and I am thrilled to be part of an organization with such amazing people focused on designing, producing and marketing solutions that help surgeons improve patient lives,” Johnson said. “I’ve had the privilege of growing up within this special place, mentored and supported by our founders, and coached along the way by David Petty and Jeff Binder. We are well-positioned for our next chapter of success, after our two strong years of sales and recent significant investments in R&D, people and infrastructure. I look forward to leading Exactech into the future as we intensify our execution and accelerate our growth.”
David Petty became Exactech’s first official employee and has served as CEO since 2014. According to the release, he grew the company’s sales base by about $90 million since 2013 and increased the company’s employees across the world by more than 900.
“The secret sauce for Exactech has been the strong patient and people-focused culture,” David Petty said. “Exactech is a team of extraordinary people who are positioned to lead the company to a strong future.”
After 35 years with Exactech, Dr. Bill Petty and Betty Petty are set to retire from the company.
“The time has come for us to focus on other things,” Dr. Bill Petty said. “We are proud of what we have all built together and believe Exactech has a strong foundation in place to sustain its business. While we will no longer have active roles with the company, Exactech will always be part of our family. With Darin as CEO, David as the vice-chairman, and Jeff Binder as chairman, working alongside our outstanding executive team, Exactech will continue to thrive.”