- Push-out Score determined
- After about five years in the position
- Accolades, praise, thanks and good wishes for Demski
- Dan Scavilla taking over
- Demski kept it short and said 60 words
(exechange) — Audubon, Pennsylvania, April 21, 2022 — Dave Demski, chief executive of Globus Medical, leaves his position. As announced by Globus Medical Inc. in a news release and in a regulatory filing published on Thursday, April 21, 2022, David M. (Dave) Demski leaves his post as chief executive officer at the medical device company, after about five years in the role, effective immediately.
Demski leaves the company effective June 30, 2022.
Dave Demski’s duties as CEO will be taken over by Daniel T. (Dan) Scavilla, most recently Chief Commercial Officer and President of Trauma at Globus Medical Inc.
“He pursues other opportunities”
Dave Demski’s departure from the CEO post is explained as follows. Globus Medical Founder and Executive Chairman, David C. Paul, said: “I want to personally thank [Dave Demski] for his countless contributions over the years and wish him well as he pursues other opportunities.”
Precise information regarding Dave Demski’s future plans was not immediately available.
Globus Medical said: “Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal solutions company, today announced the resignation of President and Chief Executive Officer, Dave Demski, after nearly 20 years with the company, with the last four and a half years as its CEO.”
Globus Medical further said: “On April 20, 2022, David M. Demski notified the Chairman of the Board of Directors (the “Board”) of the Company of his resignation from the Board effective April 20, 2022. … On April 20, 2022, Mr. Demski also notified the Board of his resignation as President and Chief Executive Officer of the Company, effective April 21, 2022.”
“Not due to any disagreement”
“Mr. Demski’s resignation was not due to any disagreement on any matter relating to the Company’s operations, policies, or practices,” Globus Medical said.
Share price increase since August 2017
The announcement follows an increase in Globus Medical Inc.’s share price of 164% since August 2017. August 2017 is the month in which Demski’s tenure as CEO began.
In the position of CEO since 2017
Dave Demski became CEO of the Company in 2017.
David M. Demski has served on the Company’s Board of Directors since 2003 and has served as a member of the Company’s Nominating and Corporate Governance Committee.
Demski has been Globus Medical’s Chief Executive Officer since August 2017 and President since April 2019.
Previously, Demski served as the Company’s Chief Financial Officer from 2003 to July 2008 and as President, Emerging Technologies.
Prior to joining Globus, Demski founded Cornerstone Capital LBO Fund, a boutique leveraged buyout consultancy.
Demski’s experience also includes serving as Vice President for Gilo Ventures, a Silicon Valley-based venture capital fund, and serving as Chief Operating Officer of Rendall and Associates, a telecommunications-focused consulting firm.
Demski also managed regional and international distribution for Domino’s Pizza during the company’s growth in the late 1980s.
Previously Demski was an audit supervisor for Peat, Marwick, Mitchell & Company.
Demski received a B.S. in Business Administration from the University of Michigan and an M.B.A. from Stanford Graduate School of Business.
Demski also serves on the Board of Directors at Axonics, Inc. (Nasdaq: AXNX), a global medical technology company that is developing and commercializing novel products for the treatment of bladder and bowel dysfunction.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Dave Demski’s move on a scale of 0 to 10.
exechange reached out to Globus Medical and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 17.2022 ($).