Orthofix CEO Keith Valentine leaves

  • After about eight months in the position
  • Cathy Burzik taking over temporarily
  • Search for a successor

(exechange) — Lewisville, Texas, September 12, 2023 — Keith Valentine, chief executive of Orthofix, leaves his position. As announced by Orthofix Medical Inc. in a news release on Tuesday, September 12, 2023, Keith C. Valentine leaves his post as chief executive officer at the spine and orthopedics company, after about eight months in the role, effective immediately.

Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.

Orthofix will undertake a search for a successor.

Keith Valentine’s duties as CEO will be taken over temporarily by Catherine M. (Cathy) Burzik, most recently Chair of the Board of Directors at Orthofix Medical Inc., as Interim Chief Executive Officer.

“Terminate for cause”

Orthofix said: “Catherine Burzik, Chair of the Orthofix Board of Directors, has been appointed Interim Chief Executive Officer; Geoffrey Gillespie, Orthofix Vice President, Corporate Controller, has been appointed Interim Chief Financial Officer; and Puja Leekha, Orthofix Senior Vice President, Chief Ethics and Compliance Officer, has been appointed Interim Chief Legal Officer. The appointments are effective immediately and follow the unanimous decision by the Board’s independent directors to terminate for cause Keith Valentine, John Bostjancic and Patrick Keran from those respective roles. The Board also requested that Mr. Valentine resign from the Board.”

“Offensive conduct”

The management change is explained as follows. Orthofix stated: “The Board’s decision follows an investigation conducted by independent outside legal counsel and directed and overseen by the Company’s independent directors. As a result of the investigation, the Board determined that each of these executives engaged in repeated inappropriate and offensive conduct that violated multiple code of conduct requirements and was inconsistent with the Company’s values and culture. These matters are unrelated to and do not impact the Company’s strategy, results of operations or previously filed financial statements.”

Precise information regarding Keith Valentine’s future plans was not immediately available.

Share price decline since January 2023

The announcement follows a decline in Orthofix Medical Inc.’s share price of 13% since January 2023. January 2023 is the month in which Valentine’s tenure as CEO began.

In the position of CEO since 2023

Keith Valentine became CEO of the Company in 2023.

Valentine was appointed President and Chief Executive Officer in January 2023 following the merger with SeaSpine.

He served as the CEO and President of SeaSpine from 2015 to the effective date of the merger.

Prior to joining SeaSpine, Valentine served as President and Chief Operating Officer of NuVasive Inc. from 2007 to 2012 and as President from 2004 to 2007.

While at NuVasive, Keith Valentine served in various senior executive roles of increasing responsibility in marketing, development, and operations.

Previously, he served as Vice President of Marketing at ORATEC Interventions Inc., a medical device company acquired by Smith & Nephew PLC, and spent eight years in various roles with Medtronic Sofamor Danek including Vice President of Marketing for the Rods Division and Group Director for the BMP Biologics program, the Interbody Sales Development Effort, and International Sales and Marketing.

Keith Valentine received a B.B.A. in Management and Biomedical Sciences from Western Michigan University.

No statement by Keith Valentine

The announcement of his departure as CEO does not include a statement by Keith Valentine.

Push-out Score for Keith Valentine’s move determined

The Push-out Score indicates on a scale of 0 to 10 how likely it is that Keith Valentine was pushed out or felt pressure to leave his 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 38.2023 ($).