Biomet ( BMET) is replacing more than worn-out joints these days. The company announced on Monday that it will be seeking a new leader following the sudden resignation of founding CEO Dane Miller. During Miller's 29 years at the helm, Biomet has evolved into the fourth-largest supplier of artificial joints -- with nearly $2 billion in annual sales -- but currently finds itself in the midst of an industrywide slowdown. Biomet and its larger competitors, Zimmer ( ZMH) and Stryker ( SYK), face mounting pressures from hospitals that are seeking to bring high implant costs under control. Biomet has so far refused to slash its own prices but has posted disappointing results nonetheless. Miller now appears to be taking the fall for the company's lackluster performance. "After much reflective thinking, I have made the difficult and personal decision to welcome my retirement," Miller said during a brief conference call on Monday. But "I'm not out of the game," he added. "I'm just sitting on the bench beside our new coach." Miller, 60, will continue to serve Biomet as a director and a consultant. Meanwhile, general counsel Daniel Hann will step in as Miller's temporary replacement. Wall Street welcomed the news, pushing shares of Biomet up 3.4% to $35.50 on an otherwise tough day for the group. Biomet never opened the floor up for questions during the conference call it hosted to explain Miller's departure. However, analysts assumed that Miller had been pushed out by the board following a string a quarterly misses and -- with no firm succession plan in place -- suggested that the company could soon be in play as a result. SG Cowen analyst Dhulsini de Zoysa was among those who seemed pleased to see Miller go. The analyst, whose firm seeks to do business with the companies it covers, currently has a neutral rating on Biomet's stock.