Leadership

The CEO has stepped down.

 

Amen.

 

unfortunately too little too late. Free fall coming

 

Hallelujah!!!

 

Good that he is gone. No real replacement. Ran off all the really good folks. This will be interesting.....in a very painful way especially in the short term.
Whoever comes in has to clean up the incredible mess left in his wake and get the books back in real order.....along with production, quality, good employees (inside and outside) as most with any type of experience have left.
Hope none of you are sitting on options!

 

Florin in now, great, the only thing he proved while with Biomet was to manage year after year of losses
Did he ever have a year in which he has dealt with a profit?
Ray Elliott sighting?

 

And so the fun begins. ZimmerBiomet is in the difficult position of replacing the top job from an empty bench. The result, that over the years, many top notch executives have left the company, been fired or downsized leaves little or no choice of a knowledgeable, able person to step into this position. There is nobody in the wings who has been groomed or prepared to succeed in this position. Those that have seen the negative culture finally gave up or were dismissed. This is the end result of a very poor management succession process that leaves a company with no choice but to look outside....and that result may be worse than what they have endured for years. Florin in a good person and a skilled CFO but is just a place holder.

 

Dvorak was brought in 12 years ago as an attorney to deal with the DOJ issue. He should have stepped down as soon as there was a settlement. Instead he stayed on to crippled the company but magically upped the stock price. Next CEO, tough job

 

If the stock price went up over the years it may have been due to cost reductions, layoffs, cutting budgets, and other negative impacts on the business. Is that anyway to grow a business? Those policies left a trail of destruction, ruined careers, lower commissions, etc and etc.....followed by multi-BILLION $$$ acquisitions. And what did it get us?

 

Two words. Claw-back.

 

Seriously, and all those kids he had working/advising for him.

 

Perfectly said, there is something wrong with a board that allows someoone to pillage a company for personal gain at the expense of everyone else. Stop paying CEO's in stock options would be a good start.....

 

wonder if this also led to the quick departure....ouch!!
https://finance.yahoo.com/news/stryker-awarded-248-7-million-142333477.html?.tsrc=applewf

 

Pretty sure this expedited things:
https://finance.yahoo.com/news/stryker-awarded-248-7-million-142333477.html?.tsrc=applewf

 

The abruptness of it, with no seatch process already in place, tells me something big happened that no one has talked about yet.

 

I think so too

 

2 weeks now and no word on a new ceo being picked. NO WORD about how they are going to pay STRYKER 248 MILLION either. Stock down to 128. After jana little burst. Speaking of bursts.........we are about to explode! The new Ceo will have a tough job unwinding all the damage that has been done. When Dovarak took over after ray elliot and yes yet another fine of 170 MILLION........IT came off the backs of their employees! Job losses and benefits were lost my many good employees. This fine will be no different. The money will come from somewhere. Since the merger in june of 2015.....Everyone has been waiting for the other shoe to drop! WON'T BE LONG NOW!

 

Zimmer will end up part of the big three in medical device. Abbott, Medtronic or JNJ... Best fit is Medtronic, unless Abbott wants to get in the game.

Regardless, the company will take years to fix. Also, the whole shooting match needs to get out of Warsaw. Small town, will small ideas... The world is passing them by...

 

Agree, consolidation seems to be the trend and perhaps critical to future growth. But...Warsaw a small town with no ideas? You bet, its a small town, but that small town essentially built the orthopedic industry with Deputy in 1895, Zimmer in 1923, Biomet in the 70's, several new start-up's and an untold number of support businesses. The skilled workforce, world class facilities, etc and etc. have made that small town a force in the business. Yep, it can be a challenge to get "big city" folks to move to the cornfields of Indiana but it's been done time and time again over many, many years. Absolutely agree that Warsaw lacks a lot of the amenities of larger towns, but that doesn't diminish the infrastructure that exists to support the US orthopedic industry. Small town living really isn't too bad compared to some of the HQ's of those other companies mentioned.

 

Well said!