MiMedx (Nasdaq:MDXG) announced today that Timothy Wright will depart as CEO, with board member K. Todd Newton set to serve in an interim role.
Wright served as MiMedx’s CEO since May 2019. Newton holds the interim position while the company’s board appointed a special committee to conduct a search for a new CEO.
The search committee includes chairperson M. Kathleen Behrens, as well as James Bierman and William A. Hawkins III. MiMedx will retain an executive search firm to support the process, too.
“On behalf of the entire MiMedx board of directors, I thank Tim for his contributions during an important time in MiMedx’s history and wish him all the best in his future endeavors,” Behrens said in a news release. “As we work to accelerate our performance, renew our focus on execution and capitalize on the significant opportunity within our wound care & surgical and regenerative medicine & biologics Innovation businesses, the board has determined now is the right time for MiMedx to transition leadership of the company.”
Behrens said that Newton has close to 20 years of public company senior leadership experience. He joined the MiMedx board in 2019. He will work with management and the board to drive the company’s strategic plan forward.
“This is a critical time for MiMedx. Over the past few years, I have become well-versed in MiMedx’s business, strategy and leadership team, and look forward to leveraging my experience to unlock the company’s full potential,” Newton said. “As the search committee conducts its search, I will work closely with the board and the senior management team to accelerate and continue to sharpen, elevate, and drive the execution of the company’s strategy and business plan.”
Company in transition
Wright is no longer a member of the company’s board as of the announcement. The company said the board is now comprised of eight members.
The transition of leadership at MiMedx includes new roles, too. In July, the company appointed Kate Surdez to the newly created chief human resources officer position.
“It has been a privilege to serve as the CEO of MiMedx,” Wright said. “I wish the team well as they begin a new chapter at MiMedx.”
The biologics company develops and distributes placental tissue allografts.