Orthofix Medical (Nasdaq: OFIX) announced today that it named Massimo Calafiore as its new president and CEO.
Lewisville, Texas-based Orthofix expects the appointment of Calafiore to go into effect in early 2024. He currently serves as CEO of LimaCorporate and will take over the corner office at Orthofix following the completion of Lima’s acquisition by Enovis. The company also expects him to join its board of directors.
Calafiore’s appointment comes following a major upheaval at Orthofix earlier this year. After the company opened the year with a massive merger with SeaSpine, in September, it terminated a trio of executives with cause. The company cut ties with CEO Keith Valentine, CFO John Bostjancic and chief legal officer Patrick Keran following an investigation.
An independent outside legal counsel conducted the investigation and Orthofix’s independent directors directed and oversaw it. As a result, the board determined that each of the executives engaged in “repeated inappropriate and offensive conduct.” The conduct violated multiple code of conduct requirements and “was inconsistent with the company’s values and culture.”
Board Chair Catherine Burzik has served as interim CEO since the dismissal of the executives.
“The board of directors unanimously determined that Massimo is the right choice to lead Orthofix given his exceptional track record of delivering value creation and his extensive knowledge of the medical device industry, specifically within orthopedics and spine,” Burzik said in a news release. “Throughout his career, Massimo has demonstrated his ability to unlock value opportunities for multi-segmented, global businesses. He has successfully driven sales and commercial operations to achieve both industry-leading profitability and growth. Importantly, he has proven experience integrating companies and building high-performing teams.”
More about new Orthofix CEO Massimo Calafiore
Calafiore became CEO of LimaCorporate in September 2022 after departing his post as EVP and CCO at NuVasive. At NuVasive, he delivered consecutive quarter-over-quarter above-market growth and launched multiple global products. Prior to his time as CCO, he served as president of NuVasive Specialized Orthopedics.
Earlier in his career, Calafiore worked for Waldemar Link GmbH & Co. KG, serving across a number of leadership roles. He oversaw the sales of the STAR Ankle to Small Bone Innovations and the PCM Cervical disc to NuVasive.
“Having worked in orthopedics and spine throughout my entire career, I know Orthofix well and have long admired the Company and its talented team,” said Mr. Calafiore. “I was attracted to Orthofix given the many growth opportunities created by its unique, broad-based portfolio and high-quality distributor relationships. I am also impressed with the innovative solutions Orthofix has developed to meet the needs of surgeons and the patients it serves. At this pivotal time for the Company, I look forward to working with the Board and leadership team to capture Orthofix’s significant profitable growth potential and drive enhanced shareholder value.”
An update on Burzik’s position
After overseeing the transition period following the termination of several leaders, Burzik notified the board that she chose to not stand for reelection to her position as board chair at the Orthofix 2024 annual meeting.
Burzik, a long-time medical device executive with stints at Johnson & Johnson, Kinetic Concepts and more, became Orthofix’s board chair in 2021. She won reelection last year.
The company retained Heidrick & Struggles, a leading global executive search firm, to assist in its search process to find a successor.
“It is an honor to serve as interim CEO and work closely with Orthofix’s amazing employees,” Burzik said. “The organization is on solid footing, and I will be delighted to turn the company over to Massimo’s very capable hands and plan to work closely with him in the following months to ensure a seamless transition.”
