Zimmer (NYSE:ZMH) yesterday revealed the management team and post-merger business structure it expects to implement after the close of its pending $13.35 billion merger with crosstown rival Biomet, including its new name: Zimmer Biomet.
David Dvorak, now Zimmer’s president & CEO, will keep that role at Zimmer Biomet. Twelve other executives from both organizations will report to Dvorak, according to a press release.
"These announcements mark important milestones that will help advance the effective integration of our 2 companies upon closing," Dvorak said in prepared remarks. "Zimmer and Biomet each have extraordinary talent across all levels, and we are confident that we have put in place a team and organizational structure to drive the combined company into this new chapter. In addition, becoming Zimmer Biomet brings together 2 well-respected and recognizable names in the industry that share a commitment to new innovations that enhance patient outcomes and improve quality of life."
Zimmer Biomet will be organized into 3 segments, with Biomet’s Adam Johnson as group president of the spine, microfixation, bone healing & dental businesses; Zimmer’s David Nolan as group president of the sports medicine, extremities, trauma, biologics & surgical businesses; and Biomet’s Daniel Williamson as group president of the knee, hip & bone cement businesses, Zimmer said.
Biomet’s Stuart Kleopfer will lead Zimmer Biomet’s Americas region as president, covering the U.S., Canada & Latin America. Zimmer’s Dr. Katarzyna Mazur-Hofsaess is slated to head up the Europe, Middle East & Africa division. Zimmer’s current president for Asia-Pacific, Stephen Ooi, is slated to retire after the deal’s closing, replaced by Zimmer’s Sang Yi.
The 6 functional areas and their leaders are slated to be:
- Biomet’s Daniel Florin, CFO (Zimmer CFO James Crines will also retire when the deal closes);
- Biomet’s Robin Barney, senior vice president of global operations & logistics;
- Zimmer’s Audrey Beckman, senior vice president of strategic quality initiatives;
- Zimmer’s William Fisher, senior vice president of global human resources;
- Zimmer’s Emmanuel Nyakako, senior vice president of global quality, clinical & regulatory affairs;
- Zimmer’s Chad Phipps, senior vice president, general counsel & secretary.
"Our 2 companies will be stronger together, and that is proven by the management team we have assembled. With the help of these individuals, and many more across both organizations, we are making great progress in our integration planning and are positioned to immediately begin capturing the benefits of the combination upon closing. I also want to recognize all of our leaders for their continued guidance as we plan for the new Zimmer Biomet and thank those who will be continuing in advisory roles following the closing to help ensure a seamless transition and integration," Dvorak said in prepared remarks.
The merger is expected to close early in 2015.