PDA

View Full Version : President and VP departure


Anonymous
04-05-2011, 09:22 AM
President resigns with no package and VP is fired by Board.
Compliance is a bitch, but there are rules !!

Anonymous
04-05-2011, 05:41 PM
President resigns with no package and VP is fired by Board.
Compliance is a bitch, but there are rules !!

Wright Medical CEO Resigns After Doctor Kickback Settlement

http://www.businessweek.com/news/2011-04-05/wright-medical-ceo-resigns-after-doctor-kickback-settlement.html

Anonymous
05-13-2011, 10:27 PM
Ok boys, what gives? You can't keep execs...tell us the issue. Is it:
(a) failure to hire REAL leadership talent
(b) failure to provide enough compensation to lure good leadership
(c) treating good leaders so bad they can't wait to get out
(d) golden parachutes encourage jumping
(e) dumb guy in charge refuses to hire anyone smarter than himself
or other?

Please enlighten the masses who sit and stare at the Wright mess while sipping espressos in Cafepharma.

Anonymous
05-14-2011, 11:24 AM
Upper management seem to be leaving for "no good reason". Maybe they're tired of dealing with the monitors. Now we have two more weeks to explain ourselves on a couple of situations. Can't believe anyone would willfully breach the deferred prosecution agreement.
Company seems to be putting processes in place to avoid future trouble.

Business as usual for us on the front line.

Anonymous
05-14-2011, 10:55 PM
I don't work at Wright, but I've worked on device CIA agreements. Since they fired the CTO first, my guess would be that IT was responsible for implementing a system to track something like surgeon expenses in the field, but they blew it, either didn't deliver or delivered something that can't pass an audit... so now the gubmint is on their asses.

Anonymous
05-15-2011, 04:39 PM
Hope that this is just a bump in the road. Hate to see a fine or another 6 mos. added.

Anonymous
05-20-2011, 12:50 AM
Home office people are stressed to the max. Everyone is getting audited or investigated. People from top to bottom are afraid they are going to be walked out--and nobody knows details. BTW, the CTO had nothing to do with IT--the CTO was the guy in charge of R&D. tough times and no one has said they will be over soon.

Anonymous
05-20-2011, 08:13 AM
Home office people are stressed to the max. Everyone is getting audited or investigated. People from top to bottom are afraid they are going to be walked out--and nobody knows details. BTW, the CTO had nothing to do with IT--the CTO was the guy in charge of R&D. tough times and no one has said they will be over soon.

Not true, some do know the details. But are smart enough to keep their own asses out of it.
Don't kid yourselves folks, this has been going on for quite some time now, the writing was on the wall. The only thing was that you haven't connected the dots yet...

Anonymous
05-20-2011, 08:15 AM
Hope that this is just a bump in the road. Hate to see a fine or another 6 mos. added.

Not true, some do know the details. But are smart enough to keep their own asses out of it.
Don't kid yourselves folks, this has been going on for quite some time now, the writing was on the wall. Just look at the top people who left, how, and why.
The only thing was that you haven't connected the dots yet...

Anonymous
05-20-2011, 08:54 AM
Home office people are stressed to the max. Everyone is getting audited or investigated. People from top to bottom are afraid they are going to be walked out--and nobody knows details. BTW, the CTO had nothing to do with IT--the CTO was the guy in charge of R&D. tough times and no one has said they will be over soon.

Not that difficult I would say... I mean, I am not at Wright, but even I can Google it...


Three senior executives — Raymond Kolls, Cary Hagan and Alicia Napoli — are out as Wright Medical Group continues to cope with the fallout from an alleged kickbacks scheme.

Just a month after a surprise shakeup at Wright Medical Group saw CEO Gary Henley abruptly resign and CTO Frank Bono fired, the company replaced three more senior executives.

The Arlington, Tenn.-based maker of orthopedic devices for the foot and ankle market said in a regulatory filing that it had accepted the resignations of senior vice president, general counsel and secretary Raymond Kolls; vice president of clinical & regulatory affairs Alicia Napoli; and senior vice president for EMEA commercial operations Cary Hagan.

All three executives were said to have resigned without "good reason," according to the filing.

Wright also announced the end of an internal investigation by its board, aided by outside counsel, as required by its deferred prosecution agreement with the U.S. Attorney’s Office for the District of N.J.

Wright Medical agreed in October 2010 to pay nearly $8 million to settle charges that it ran a kickbacks scheme to drive up sales of its hip and knee implants. The feds charged Wright with using consulting gigs with physicians to funnel alleged kickbacks to the docs. The settlement (PDF) also includes a year-long probation of sorts, during which the AG agrees not to prosecute as long as Wright "satisfies its obligations," according to the release. Those obligations include making changes to its consulting arrangements with doctors. An independent monitor will keep tabs on the company during its 12-month probation.

It wasn't the first concession that New Jersey feds have wrung from orthopedic device makers. Last year, four orthopedic device makers cleared federal criminal charges and a fifth "satisfactorily completed" its non-prosecution agreement with the U.S. Attorney's office in Newark.

I guess the answer you are looking for is there...

Wright also announced the end of an internal investigation by its board, aided by outside counsel, as required by its deferred prosecution agreement with the U.S. Attorney’s Office for the District of N.J.

So Wright has no say in it, they just have to... The fact you guys don't know what is going on is more because Wright is not communicating properly so it seems.
From what I read the cookie jar was past around... The writing must have been on the wall...

And as for execs making statements... What was that song again...?
http://www.youtube.com/watch?v=vbzFW0Empe8

Anonymous
05-20-2011, 09:16 AM
Home office people are stressed to the max. Everyone is getting audited or investigated. People from top to bottom are afraid they are going to be walked out--and nobody knows details. BTW, the CTO had nothing to do with IT--the CTO was the guy in charge of R&D. tough times and no one has said they will be over soon.

It is not that difficult is it? I mean, I don't work for Wright and think I get the picture...
Simply if you Google it and read carefully and critically...l


Wright Medical shakeup continues with ouster of three more executives


Three senior executives — Raymond Kolls, Cary Hagan and Alicia Napoli — are out as Wright Medical Group continues to cope with the fallout from an alleged kickbacks scheme.
WMGI logo

Just a month after a surprise shakeup at Wright Medical Group saw CEO Gary Henley abruptly resign and CTO Frank Bono fired, the company replaced three more senior executives.

The Arlington, Tenn.-based maker of orthopedic devices for the foot and ankle market said in a regulatory filing that it had accepted the resignations of senior vice president, general counsel and secretary Raymond Kolls; vice president of clinical & regulatory affairs Alicia Napoli; and senior vice president for EMEA commercial operations Cary Hagan.

All three executives were said to have resigned without "good reason," according to the filing.

Wright also announced the end of an internal investigation by its board, aided by outside counsel, as required by its deferred prosecution agreement with the U.S. Attorney’s Office for the District of N.J.

Wright Medical agreed in October 2010 to pay nearly $8 million to settle charges that it ran a kickbacks scheme to drive up sales of its hip and knee implants. The feds charged Wright with using consulting gigs with physicians to funnel alleged kickbacks to the docs. The settlement (PDF) also includes a year-long probation of sorts, during which the AG agrees not to prosecute as long as Wright "satisfies its obligations," according to the release. Those obligations include making changes to its consulting arrangements with doctors. An independent monitor will keep tabs on the company during its 12-month probation.

It wasn't the first concession that New Jersey feds have wrung from orthopedic device makers. Last year, four orthopedic device makers cleared federal criminal charges and a fifth "satisfactorily completed" its non-prosecution agreement with the U.S. Attorney's office in Newark.

So someone has passed the cookie jar...
As for that internal investigation... Well...

Wright also announced the end of an internal investigation by its board, aided by outside counsel, as required by its deferred prosecution agreement with the U.S. Attorney’s Office for the District of N.J.
So they have to. As far as I understand they already knew they had to since 2007. So if that was not known then maybe communication within Wright is somewhat... selective.

Anonymous
01-29-2012, 10:15 PM
Anyone know where Bono ended up?

Anonymous
01-30-2012, 06:16 AM
Both he and Cary Hagan have filed lawsuits against Wright, just recently.

Anonymous
02-14-2012, 08:17 PM
And the details are ugly!

Anonymous
02-24-2012, 10:54 PM
And the details are ugly!

It will be intresting to see the details when these lawsuits go to trial.

Anonymous
02-26-2012, 08:02 PM
i cant wait till this all goes to trial....It will show the world how corrupt the upper management of this company is. So much has been swept under the rug hopefully this will all come to light....

ABANDON SHIP!!!!

Anonymous
03-02-2012, 10:15 AM
How has Stookey lasted there with sales performance as poor as it reported?

Anonymous
03-15-2012, 10:42 PM
It will be intresting to see the details when these lawsuits go to trial.

That will never happen - Wright will settle. Hope they take some of Ed S. salary and bonus to cover the $$$. He should have had better judgement to publish a press release with the details of why Bono was terminated with his years of experience.

Anonymous
03-15-2012, 10:44 PM
i cant wait till this all goes to trial....It will show the world how corrupt the upper management of this company is. So much has been swept under the rug hopefully this will all come to light....

ABANDON SHIP!!!!

Thats exactly what is happening - 2 to 3 a week at Arl leaving for other jobs. Lots of empty offices and cubes.