Wright Medical Names New CEO
Wright Medical Group (WMGI), best known for its replacement hips, now has a replacement CEO.
The orthopedics firm Monday announced that 53-year-old Laurence Fairey will become president and CEO on July 1 and retain the seat on Wright's board that he's held since January. Barry Bays, Wright's first CEO and president, will become the company's executive chairman, leaving the post he assumed in January 2000.
Shares of Wright dropped 54 cents, or 1.5%, to $35.37.
"I look forward to my new responsibilities as executive chairman of the board of directors," said Bays, 57, in a statement. "This new role will allow me to continue my direct involvement in the business and contribute to the strategy and direction of Wright, while reducing my overall time commitment."In addition to keeping the experienced Bays on hand, Wright gains another experienced CEO with the addition of Fairey, who has 27 years of service in the orthopedics industry. From 1990 until his retirement in 2000, Fairey served a variety of executive positions, including CFO, at Medtronic Sofamor Danek and its predecessor company, Sofamor Danek Group. Before Sofamor, Fairey spent 18 years at Smith & Nephew Richards, formerly the Richards Medical company, where Bays also got his start. "While I am taking the reigns as CEO and look forward to my new leadership role, the core executive team remains unchanged," said Fairey. "Working together with Barry and the rest of the management team, I am confident in achieving our growth objectives and financial milestones while continuing to build the company's product portfolio."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV