- After 14 years on the job
- Dave Demski taking over
- Paul will remain as Executive Chairman at Globus Medical
- Paul spoke at length and said 209 words
(exechange) — Audubon, Pennsylvania, August 29, 2017 — David Paul, chief executive of Globus Medical, leaves the position. It is an abrupt change. As announced by Globus Medical, Inc. in a news release and in a regulatory filing published on Tuesday, August 29, 2017, David C. Paul leaves the post as Chief Executive Officer at the musculoskeletal solutions company in a surprising move after 14 years on the job, effective immediately.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 34 percent of the CEOs who departed over the past twelve months left after more than ten years. Overall, the average tenure of those who left was 8.6 years, according to data compiled by exechange.
Paul’s duties are taken over by Dave Demski, a former Chief Operating Officer at Globus Medical, Inc.
The sudden management change is explained as follows. Globus Medical said: “The Company reported that the timing of these management changes was designed to allow Mr. Paul to recover from a health condition. Mr. Paul is expected to make a full recovery over the next several months and plans to remain actively involved with the Company both during his recovery and thereafter.”
Paul will remain as Executive Chairman at Globus Medical
“David C. Paul, the Company’s founder, Chairman of the Board, and Chief Executive Officer since its inception in 2003, … will remain in the role of Executive Chairman,” Globus Medical said.
“Mr. Paul will continue to focus on strategic initiatives and will spend less time on day-to-day operational matters,” Globus Medical said.
Globus Medical said: “On August 28, 2017, the Board of Directors of Globus Medical, Inc. … accepted David C. Paul’s resignation as Chief Executive Officer of the Company and simultaneously approved his appointment as Executive Chairman of the Company, in each case effective August 29, 2017.”
Share price rise since December 2012
The change follows a rise in the share price of Globus Medical, Inc. since December 2012.
On the job as CEO since 2003
David C. Paul has served as the Company’s Chief Executive Officer and as Chairman of the Company’s Board of Directors since the Company’s inception in 2003.
He is a member of the Company’s Compensation Committee and the Company’s Nominating and Corporate Governance Committee.
Prior to founding Globus, Paul was employed at Synthes from March 1996 to January 2003 in various positions.
He served as Director of Product Development for Synthes in his last position, where he was responsible for product development and marketing functions.
Prior to Synthes, Paul worked as a Research Engineer in biomaterials research at Temple University from 1994 to 1995.
Paul is a named inventor on approximately 70 patents and approximately 90 pending patent applications.
Paul received a B.S. in Mechanical Engineering from the University of Madras, and an M.S. in Computer Integrated Mechanical Engineering Systems from Temple University.
Paul also currently serves as a member of the board of directors of Operating Room Safety LLC, a privately-held company.
Push-out Score not determined
When the reason for the departure is health-related, a Push-out Score™ is not determined.
Read the full story in the exechange report 36.2017 ($).