Business
MIMEDX Announces Leadership Transition
K. Todd Newton Appointed as Interim Chief Executive Officer, Replacing Timothy R. Wright, Effective Immediately MARIETTA, Ga., Sept. 06, 2022 (GLOBE NEWSWIRE)
About this update from Mimedx Group, Inc
[{"type":"text","content":"K. Todd Newton Appointed as Interim Chief Executive Officer, Replacing Timothy R. Wright, Effective Immediately MARIETTA, Ga., Sept. 06, 2022 (GLOBE NEWSWIRE) -- MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”), a transformational placental biologics company, today announced that K. Todd Newton, a member of the MIMEDX Board of Directors, has been appointed interim Chief Executive Officer (CEO). Mr. Newton replaces Timothy R. Wright, who served as MIMEDX’s CEO since May of 2019. M. Kathleen Behrens, Ph.D., Chairperson of MIMEDX’s Board, said, “On behalf of the entire MIMEDX Board of Directors, I thank Tim for his contributions during an important time in MIMEDX’s history and wish him all the best in his future endeavors. As we work to accelerate our performance, renew our focus on execution and capitalize on the significant opportunity within our Wound Care & Surgical and Regenerative Medicine & Biologics Innovation businesses, the Board has determined now is the right time for MIMEDX to transition leadership of the Company.” The Board has appointed a special committee (the “Search Committee”) to direct the search for a new CEO. The Search Committee comprises M. Kathleen Behrens, James L. Bierman and William A. Hawkins III, and will retain a leading executive search firm to support the process. Dr. Behrens continued, “We are grateful to have Todd’s support and leadership as the Search Committee conducts its search for MIMEDX’s next CEO. Todd is a seasoned executive with close to twenty years of public company senior leadership experience, significant expertise and a proven track record in the med-tech industry. Since joining our Board in 2019, he has played a significant role in helping guide management as they resolved outstanding financial reporting and performance issues. With Todd at the helm, the Board is confident that MIMEDX will be positioned to achieve its financial and product development goals and deliver long-term growth and value for shareholders. For the past several months, management has been refreshing the Company’s strategic plan at the Board’s direction. Todd will now work with management and the Board in driving this process forward, including completing a review by a leading strategic advisory firm to ensure the Board has a full analysis of the various strategic options and alternatives available...