AUSTIN, Texas, Dec. 19, 2011 /PRNewswire/ -- Hanger Orthopedic Group, Inc. (NYSE: HGR) today announced that its Board of Directors has elected Patricia B. Shrader, Vice President of Global Regulatory Affairs at Medtronic, Inc., to join the Board as a director, effective December 19, 2011. Ms. Shrader qualifies as an independent director under applicable New York Stock Exchange listing standards. Ms. Shrader is filling the vacancy created by the resignation of Board Member Bennett Rosenthal earlier in the day on December 19, 2011.
"We are very excited to welcome Patricia Shrader to Hanger's Board. Patricia's nearly 25-year career in regulatory and external affairs in the medical device and diagnostics industry will prove useful in the future as we continue to grow in ever-changing regulatory and public policy environments," said Thomas F. Kirk, CEO of Hanger Orthopedic Group.
Mr. Rosenthal, a Senior Partner and co-head of Private Equity Group at Ares Management, LLC, a private investment management firm, joined Hanger's Board of Directors in 2006 in connection with Ares' $50 million equity investment in the Company. The investment was made as part of the Company's refinancing of all of its then-outstanding senior debt and preferred stock. Ares has since liquidated most of its equity investment in the Company."I have thoroughly enjoyed serving on Hanger's Board of Directors and working closely with its excellent management team. Now I feel that this is a good time for me to focus on other Ares-related investments," commented Mr. Rosenthal. "We would like to thank Bennett for his insight and guidance as a valuable member of our Board of Directors. We have had a great partner in Ares throughout the years," Mr. Kirk said.