Invacare (NYSE:IVC) today announced the removal of President and CEO Matthew Monaghan from the corner office.
Elyria, Ohio-based Invacare also ended Monaghan’s role as chair of the board, but said in an SEC filing that he will remain on the board as a director.
Invacare said in a news release that it made the changes to advance its business transformation initiatives, address supply chain challenges and strengthen its financial performance.
Invacare named SVP and GM of EMEA and APAC Geoffrey Purtill as interim president and CEO to replace Monaghan, whose departure from his role as chair, president and CEO was effective Aug. 28.
The board of directors commenced a search to identify and appoint a permanent CEO.
“After careful consideration, the board determined that now is the right time for a change in leadership to oversee the successful execution of Invacare’s business transformation,” said Cliff Nastas, Invacare’s lead independent director. “We welcome Geoff who has distinguished himself throughout his tenure with Invacare. The board has full confidence that he has the right skillset and industry experience to lead the company through this transition as we search for a permanent successor who can accelerate the achievement of our objectives. We thank Matt for his years of service. We look forward to having Geoff advance our strategic initiatives.”
Purtill held the role of SVP and GM, EMEA and APAC, since December 2021, having previously led Invacare’s global strategy efforts. Before that, he served as VP and GM of Asia Pacific for 11 years and had prior experience with Johnson & Johnson and Nestle.
In addition to Purtill’s appointment, Michael Merriman, Jr., was appointed as a director and named non-executive chair of the board. Merriman previously served on the company’s board and served as chair of its audit committee from 2014 to 2018. He will also serve on the company’s strategy committee and, as independent chair, succeeds Nastas as lead independent director.
Merriman’s time as a director of Invacare came between 2014 and 2018. He served as an operating advisor for private equity firm Resilience Capital Partners and is currently a director of Nordson Corporation and Regis Corp.
“We are excited to welcome Mike Merriman back to the board and know that his leadership, financial and business management acumen and experience in transforming underperforming businesses will be invaluable to the board as we transform Invacare,” said Nastas.
Invacare manufactures and distributes non-acute medical equipment including wheelchairs, mobility scooters, walkers, pressure care and positioning and respiratory products.
