- Push-out Score determined
- After around nine years in the position
- Praise for Throdahl
- David Bailey taking over
- Throdahl will remain as Executive Chairman at OrthoPediatrics Corp.
- Throdahl spoke at length and said 157 words
(exechange) — Warsaw, Indiana, May 5, 2020 — Mark Throdahl, chief executive of OrthoPediatrics, prepares for his departure. As announced by OrthoPediatrics Corp. in a news release and in a regulatory filing published on Tuesday, May 5, 2020, Mark C. Throdahl is preparing to leave his post as chief executive officer at the orthopedic company after around nine years in the role, effective in 2021.
Mark Throdahl’s duties as CEO will be taken over by David R. Bailey, currently Executive Vice President with responsibility over international sales and distribution, operations and new product development of OrthoPediatrics Corp.
It is a generational change as well. David Bailey is about 28 years younger than Mark Throdahl.
“Appropriate to begin planning the CEO succession following his 70th birthday”
Mark Throdahl’s departure from the CEO post is explained as follows. Terry Schlotterback, OrthoPediatrics’ Chairman of the Board, said: “After the successful IPO of the Company, Mark approached the Board indicating that it was appropriate to begin planning the CEO succession following his 70th birthday in 2021.”
Throdahl will remain as Executive Chairman at OrthoPediatrics Corp.
“The Company’s Board of Directors has appointed (i) David R. Bailey as the Company’s President, and (ii) Fred L. Hite as the Company’s Chief Operating Officer and Chief Financial Officer. The appointments, which become effective as of June 3, 2020, are the first step in the Company’s executive succession plan whereby Mark C. Throdahl, who is currently President and Chief Executive Officer of the Company, is expected to transition to the role of Executive Chairman, and Mr. Bailey is expected to succeed Mr. Throdahl as the Company’s Chief Executive Officer. These next steps are anticipated to take place sometime in 2021, following Mr. Throdahl reaching the age of 70. Once becoming Executive Chairman, Mr. Throdahl will continue working from the Company’s Warsaw, Indiana headquarters and maintaining direct involvement in investor relations, strategy development, and operational travel in the field,” OrthoPediatrics said.
Share price increase since May 2018
The announcement follows an increase in OrthoPediatrics Corp.’s share price of 123% since May 2018.
Chaired by Terry Schlotterback
OrthoPediatrics Corp. is chaired by Terry Schlotterback.
Terry D. Schlotterback has served as a director since 2009 and as Chairman of the board of directors since September 2013.
In the position of CEO since 2011
Mark Throdahl became CEO of the Company in 2011.
Mark C. Throdahl has served as the Company’s President and Chief Executive Officer since January 2011 and as a director since 2009.
Prior to joining the Company, Throdahl served from 2008 to 2009 as a Group President of Zimmer Holdings, Inc., a worldwide leader in orthopedic implants.
Throdahl previously served from 2001 to 2007 as the Chief Executive Officer and Director of Consort Medical plc in London, United Kingdom.
During a 13 year career at Becton Dickinson & Co., he served as Senior Vice President of the Drug Delivery sector and President of Nippon Becton Dickinson in Tokyo.
Throdahl began his career at Mallinckrodt, Inc.
Throdahl is a graduate of Princeton University and earned an MBA from Harvard Business School.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to OrthoPediatrics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 19.2020 ($).