Invacare Corporation (NYSE: IVC) announced today that its Board
of Directors has named Geoffrey P. Purtill as President and Chief
Executive Officer, roles that he has served on an interim basis
since August 28, 2022.
Non-executive Chairman of the Board of Directors Michael J.
Merriman, Jr, said, “On behalf of the Board, we are excited to
elevate Geoff Purtill into the role of President and CEO. The Board
determined that Geoff is the right steward of the company as it
undergoes significant transformation and embarks on a new chapter.
Geoff has proven adept at guiding our global businesses through
change, both in his previous role overseeing the EMEA and APAC
businesses, and now in his current role. Notably, Geoff and the
leadership team have already acted decisively by discontinuing
respiratory products and repositioning the business and resources
around our core categories of Lifestyle and Mobility & Seating,
which are anticipated to drive profitable growth. The Board looks
forward to partnering with Geoff as we continue to take decisive
action to improve our financial performance and enhance shareholder
value.”
Mr. Purtill added, “I am honored that our Board has given me the
opportunity to lead Invacare and advance our mission of Making
Life’s Experiences Possible® for the millions of people who rely on
our products each day. I look forward to working closely with all
of our customers globally to regain their trust and confidence,
especially in North America. As always, I am grateful for all the
hard work our associates have put in during these extraordinary
times. While we have had our share of challenges, I see great
potential in the company and continue to drive and accelerate our
transformation plans to strengthen Invacare for the long-term. I
look forward to working with our Board who continue to provide
guidance as we advance through our transformation.”
About Geoffrey P. Purtill
Mr. Purtill served as interim President and Chief Executive
Officer since August 2022. Previously, he served as the Senior Vice
President and General Manager, EMEA and APAC since December 2021
and Vice President, Global Strategy and General Manager, Asia
Pacific, since September 2021. Previously, he served for 11 years
as the company's Vice President and General Manager, Asia Pacific
region. Prior to joining Invacare, he held various sales, category
management and supply chain leadership roles at Johnson &
Johnson and Nestle. Mr. Purtill spent 14 years in the Australian
Army where he was a Captain in the Intelligence Corps.
About Invacare Corporation
Invacare Corporation is a leading manufacturer and distributor
in its markets for medical equipment used in non-acute care
settings. At its core, the company designs, manufactures and
distributes medical devices that help people to move, rest and
perform essential hygiene. The company provides clinically complex
medical device solutions for congenital (e.g., cerebral palsy,
muscular dystrophy, spina bifida), acquired (e.g., stroke, spinal
cord injury, traumatic brain injury, post-acute recovery, pressure
ulcers) and degenerative (e.g., ALS, multiple sclerosis, elderly,
bariatric) ailments. The company's products are important parts of
care for people with a wide range of challenges, from those who are
active and involved in work or school each day and may need
additional mobility support, to those who are cared for in
residential care settings, at home and in rehabilitation centers.
The company sells its products principally to home medical
equipment providers with retail and e-commerce channels,
residential care operators, distributors and government health
services in North America, Europe and Asia/Pacific. For more
information about the company and its products, visit Invacare's
website at www.invacare.com.
This press release contains forward-looking statements within
the meaning of the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are those that describe future outcomes or expectations
that are usually identified by words such as “will,” "may,"
“should,” “could,” “plan,” “intend,” “expect,” “continue,”
“forecast,” “believe,” and “anticipate” as well as similar
comments, denote forward-looking statement that are subject to
inherent uncertainties that are difficult to predict. These
include, for example, statements related to the company’s ability
to drive profitable growth, improve financial performance, enhance
shareholder value and drive and accelerate its transformation plans
and similar statements. Actual results and events may differ
significantly from those expressed or anticipated as a result of
various risks and uncertainties, including possible adverse effects
on the company’s liquidity, including the company’s ability to
address future debt maturities or other obligations, including
additional debt that may be incurred in the future; possible
adverse effects of being leveraged, including interest rate or
event of default risks; any failure to satisfy the continued
listing standards of the NYSE and delisting of the company’s common
shares from the NYSE; the effects of steps the company has taken or
will take to reduce operating costs; the ability of the company to
achieve profitable sales growth, improve segment operating
performance, convert high inventory levels to cash and reduce its
costs; the ability of the company to successfully improve output
and convert open orders into sales; the availability and cost to
the company of needed products, components or raw materials from
the company's suppliers, including delivery delays and production
interruptions from pandemic-related supply chain challenges and
supplier delivery holds resulting from past due payables; the
duration and scope of the COVID-19 pandemic, the pace of resumption
of access to healthcare, including clinics and elective care, and
loosening of public health restrictions, or any reimposed
restrictions on access to healthcare or tightening of public health
restrictions, which could impact the demand for the company’s
products; global shortages in, or increasing costs for,
transportation and logistics services and capacity; actions that
governments, businesses and individuals take in response to the
pandemic, including mandatory business closures and restrictions on
onsite commercial interactions; the impact of the pandemic or
political or geopolitical crises, such as the Russian war with
Ukraine, and actions taken in response, on global and regional
economies and economic activity; the pace of recovery when the
COVID-19 pandemic subsides; general economic uncertainty in key
global markets and a worsening of global economic conditions or low
levels of economic growth, including negative conditions
attributable to inflationary economic conditions and rising
interest rates; the ability of the company to successfully focus on
lifestyle and mobility & seating products; lack of market
acceptance of the company's new product innovations; potential
adverse effects of revised product pricing and/or product
surcharges on revenues or the demand for the company's products;
circumstances or developments that may make the company unable to
implement or realize the anticipated benefits, or that may increase
the costs, of its current and planned business initiatives, in
particular the key elements of its growth plans, such as its new
product introductions, commercialization plans, additional
investments in demonstration equipment, product distribution
strategy in Europe, supply chain actions and global information
technology outsourcing and ERP implementation activities; increases
in interest rates or the costs of borrowing; potential limitations
on the company’s business activities from obligations in the
company’s debt agreements; adverse changes in government and
third-party payor reimbursement levels and practices; decreased
availability or increased costs of materials which could increase
the company's cost of producing or acquiring the company's
products, including the adverse impacts of tariffs and increases in
commodity costs or freight costs; consolidation of health care
providers; increasing pricing pressures in the markets for the
company's products; risks of failures in, or disruptions to, legacy
IT systems; risks of cybersecurity attack, data breach or data loss
and/or delays in or inability to recover or restore data and IT
systems; adverse effects of the company's consent decree of
injunction with the U.S. Food and Drug Administration (FDA),
including but not limited to, compliance costs, inability to
rebuild negatively impacted customer relationships, unabsorbed
capacity utilization, including fixed costs and overhead; any
circumstances or developments that might adversely impact the
third-party expert auditor's required audits of the company's
quality systems at the facilities impacted by the consent decree,
including any possible failure to comply with the consent decree or
FDA regulations or the inability to adequately address the matters
identified to us by the FDA; regulatory proceedings or the
company's failure to comply with regulatory requirements or receive
regulatory clearance or approval for the company's products or
operations in the United States or abroad; adverse effects of
regulatory or governmental inspections of the company's facilities
at any time and governmental enforcement actions; product liability
or warranty claims; product recalls, including more extensive
warranty or recall experience than expected; exchange rate
fluctuations, particularly in light of the relative importance of
the company's foreign operations to its overall financial
performance; legal actions, including adverse judgments or
settlements of litigation or claims in excess of available
insurance limits; tax rate fluctuations; additional tax expense or
additional tax exposures, which could affect the company's future
profitability and cash flow; uncollectible accounts receivable;
risks inherent in managing and operating businesses in many
different foreign jurisdictions; heightened vulnerability to a
hostile takeover attempt or other shareholder activism; provisions
of Ohio law or in the company's debt agreements, charter documents
or other agreements that may prevent or delay a change in control,
and those other risks and uncertainties expressed in the cautionary
statements and risk factors in the company's annual report on Form
10-K, quarterly reports on Form 10-Q and other filings with the
Securities and Exchange Commission. The company may not be able to
predict and may have little or no control over many factors or
events that may influence its future results and, except to the
extent required by law, the company does not undertake and
specifically declines any obligation to review or update any
forward-looking statements or publicly announce the results of any
revisions to any such statements to reflect future events or
developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20221121005851/en/
INVESTOR CONTACT: Lois Lee loislee@invacare.com
440-329-6435
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