Zimmer Biomet CEO Bryan Hanson leaves for healthcare spinoff of 3M

  • After about six years in the position
  • Praise and thanks for Hanson
  • Ivan Tornos taking over
  • Hanson said 66 words

(exechange) — Warsaw, Indiana, August 22, 2023 — Bryan Hanson, chief executive of Zimmer Biomet, leaves his position. As announced by Zimmer Biomet Holdings Inc. in a news release and in a regulatory filing published on Tuesday, August 22, 2023, Bryan C. Hanson leaves his post as chief executive officer at the orthopedic device maker, after about six years in the role, effective immediately.

Generally speaking, it raises questions when a CEO leaves his post abruptly.

Bryan Hanson’s duties as CEO will be taken over by Ivan Tornos, currently Chief Operating Officer at Zimmer Biomet Holdings Inc.

Career change

The management change is explained as follows. Zimmer Biomet stated: “[Ivan Tornos] takes over as President and CEO from Bryan Hanson, who has served as the Company’s President and CEO since late 2017 and Chairman since 2021, and is departing to take on another CEO role.”

On August 22, 2023, it was also announced that Hanson will be assuming the role of CEO of the healthcare spinoff of 3M.

Hanson will be CEO at healthcare spinoff of 3M

3M stated: “3M (NYSE: MMM) today announced the appointment of Bryan C. Hanson as Chief Executive Officer of the independent health care company when it is spun off from 3M.”

“Step down”

Zimmer Biomet said: “On August 17, 2023, Bryan C. Hanson notified the Company that he planned to step down as Chairman of the Board, President and Chief Executive Officer of the Company and as a member of the Company’s Board, all effective as of August 22, 2023.”

Share price decline since August 2021

The announcement follows a decline in Zimmer Biomet Holdings Inc.’s share price of 24% since August 2021.

In the position of CEO since 2017

Bryan Hanson became CEO of the Company in 2017.

Hanson will remain with the Company as an employee in an advisory capacity at the same level of compensation through August 31, 2023.

Hanson has served as Chairman of the Board of Directors of the company since May 2021, and President and Chief Executive Officer and a member of the Board of the company since December 2017.

Previously, Hanson served as Executive Vice President and President, Minimally Invasive Therapies Group of Medtronic plc from January 2015 until joining Zimmer Biomet.

Prior to that, he was Senior Vice President and Group President, Covidien of Covidien plc from October 2014 to January 2015; Senior Vice President and Group President, Medical Devices and United States of Covidien from October 2013 to September 2014; Senior Vice President and Group President of Covidien for the Surgical Solutions business from July 2011 to October 2013; and President of Covidien’s Energy-based Devices business from July 2006 to June 2011.

Hanson held several other positions of increasing responsibility in sales, marketing and general management with Covidien from October 1992 to July 2006.

Hanson holds a Bachelor of Science degree in Finance from Florida State University.

He also completed the Kellogg School of Management Finance for Executives program in 2010 and the Harvard Executive Education in Leadership program in 2013.

66 words by Bryan Hanson

In the news release announcing his departure as CEO of Zimmer Biomet Holdings Inc., Bryan Hanson received praise and thanks.

In announcing his departure, Bryan Hanson said 66 words.

“Transformational, not just for the Company, but for me, as well”

Bryan Hanson stated: “The last five and a half years at the helm of Zimmer Biomet have been transformational, not just for the Company, but for me, as well. I have the utmost confidence in Ivan, the entire ZB team and the strength of the business. I cannot think of a better leader to continue to move the ZB mission forward and deliver value for patients, customers and shareholders.”

Push-out Score for Bryan Hanson’s move determined

The Push-out Score indicates on a scale of 0 to 10 how likely it is that Bryan Hanson was pushed out or felt pressure to leave his position.

Read the full story in the exechange report 35.2023 ($).