- Push-out Score determined
- After about six years in the position
- Search for a successor
- Mason spoke at length and said 165 words
(exechange) — Lewisville, Texas, February 25, 2019 — Brad Mason, chief executive of Orthofix, leaves. As announced by Orthofix Medical Inc. in a news release and in a regulatory filing published on Monday, February 25, 2019, Bradley R. (Brad) Mason leaves his post as Chief Executive Officer at the medical device company, after about six years in the role.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 8.2 years, according to data compiled by exechange.
Mason has agreed to remain with the Company until a successor is hired and serve as a consultant subsequently to ensure an orderly transition.
Orthofix will undertake a search for a successor.
“It is the right time”
Brad Mason’s departure from the CEO post is explained as follows. Mason said: “Now with the stage set for the Company’s next chapter, I’ve finished what I came to do. Because of the tireless efforts of the talented and dedicated Orthofix team, we’ve accomplished everything and more than I ever expected. Therefore, I believe it is the right time for both the Company and for me to pass the reins to a new leader who will take Orthofix through the next chapter and capitalize on this enormous potential.”
Precise information regarding Brad Mason’s future plans was not immediately available.
Orthofix said: “Brad Mason has informed the Board of Directors of his intention to retire from Orthofix.”
Share price increase since April 2017
The announcement follows an increase in Orthofix Medical Inc.’s share price of 77 percent since April 2017.
Chaired by Ronald Matricaria
Orthofix Medical Inc. is chaired by Ronald Matricaria.
Matricaria was appointed to the Board in March 2014.
In the position of CEO since 2013
Mason has served as a director since the 2013 Annual General Meeting.
Mason rejoined Orthofix in March 2013 as the Company’s President and Chief Executive Officer after previously serving as Group President, North America from June 2008 through October 2009, and as a Strategic Advisor from November 2009 through October 2010.
Prior to being appointed as Group President, North America, he had served as a Vice President of the Company since December 2003, when the Company acquired Breg, Inc.
Prior to its acquisition by Orthofix, Mason had served as President and Chairman of Breg, a company he principally founded in 1989 with five other shareholders.
Mason has over 30 years of experience in the medical device industry, some of which were spent with dj Orthopedics (formally DonJoy) where he became an owner and executive in its early development stage and held the position of Executive Vice President.
Following his retirement from Orthofix in 2010, he served in a variety of part-time consulting and advisory roles, including as a consultant to Orthofix since October 2012, which consulting relationship terminated as of March 13, 2013 when he rejoined Orthofix.
Mason is the named inventor on 38 issued patents in the orthopedic product arena.
He graduated Summa Cum Laude with an Associate of Arts and Associate of Science degree from MiraCosta College.
Generally speaking, when a top leader announces to step aside with no successor available, it is a sign that the change was unexpected and too early.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.
exechange reached out to Orthofix and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2019 ($).