Newly privatized Kinetic Concepts Inc. is shuffling the deck, naming a new chairman, new CEOs for two of its businesses and announcing plans to spin out a third.
The wound care giant was taken private in a $6.1 billion leveraged buyout last year by Apax Partners and a pair of Canadian pension funds.
Former CEO Catherine Burzik stepped down ahead of schedule after the buyout closed last November, leaving CFO Martin Landon as KCI’s interim chief. Now the company says Joseph Woody will take over in the corner office, with Landon resuming his duties as financial chief and Lisa Colleran taking the helm of KCI’s LifeCell regenerative medicine business.
Ronald Matricaria, which KCI named chairman of the board, is the former CEO of St. Jude Medical (NYSE:STJ). Matricaria also spent 24 years at Eli Lilly & Co. (NYSE:LLY). He’s also on the boards of LIFE Technologies Corp. (NSDQ:LIFE), Volcano Corp. (NSDQ:VOLC) and Phoenix Children’s Hospital.
Woody was president of Covidien’s (NYSE:COV) vascular business before taking the KCI job (Covidien last week named Stacy Enxing Seng to replace Woody). His resumé also includes stints at Smith & Nephew’s (NYSE:SNN) wound management business and with Alliance Imaging and GE Medical Systems.
Woody has more than 20 years experience in the healthcare sector. Prior to joining KCI as President of its Active Healing Solutions business in November 2011, Woody served as Global President, Vascular Therapies for Covidien. At Covidien, he was responsible for the $2.6 billion acquisition and integration of ev3. Previously, Woody served as Global President, Smith & Nephew Advanced Wound Management and held other leadership positions at Alliance Imaging, Acuson and GE Medical Systems.
Colleran, who’s been president of LifeCell since 2008, joined the company in 2002 after spending 20 years at Baxter (NYSE:BAX).
KCI also said it plans to pursue the proverbial "strategic alternatives" for its therapeutic support systems business, hiring Credit Suisse and UBS Investment Bank to help shop the division. The business rents and sells hospital beds, mattress replacement systems, overlays and patient mobility devices.
"KCI does not intend to disclose developments with respect to progress of its strategic alternatives review process until such time as the board of directors approves or completes a transaction or otherwise determines that further disclosure is appropriate," according to a press release.
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