Exactech Promotes President David Petty To Chief Executive Officer; Dr. Bill Petty Named Executive Chairman
March 26 2014 - 2:30PM
Business Wire
Exactech, Inc. (Nasdaq: EXAC) is a developer and producer of
bone and joint restoration products for hip, knee, shoulder, spine
and biologic materials. The company announced today that President
David Petty has been promoted to Chief Executive Officer effective
immediately. Dr. Bill Petty, co-founder and CEO of the company
since 1985, was named Executive Chairman.
CEO David Petty said, “I enthusiastically accept the challenge
of leading Exactech as CEO. For nearly 30 years we have built a
strong company through a heavy focus on patient outcomes and
service to our surgeon customers. I am personally committed to
maintaining this strategy and continuing the positive business
results that flow from our patient and surgeon focused
approach.”
“We all owe a great deal to my father for his vision and
determination in founding Exactech and his wise and thoughtful
leadership over many years in establishing and building a
meaningful, thriving enterprise that has positively affected the
lives of so many people, from more than 600 global employees to
hundreds of thousands of patients who have benefited from our
products over almost three decades. In addition to his
contributions to the orthopaedic profession as a surgeon and
innovator, he has made important contributions to the orthopaedic
industry itself. Fortunately, we will continue to benefit from his
experience and vision as he continues to participate as a member of
the executive management team.
“Exactech is a true ‘American Dream’ story that started on the
back of an envelope to become a highly successful $237 million plus
enterprise. Those of us who now pick up the responsibility for
leading the company forward pledge to continue to build an
enduring, meaningful company for the benefit of all
stakeholders.”
Dr. Petty said, “I am confident in Exactech’s future with David
leading from the top executive position in the company. He is
well-respected throughout Exactech. I am secure in the knowledge
that he has the support of a strong, experienced management team
and talented, capable employees. David became the first regular
employee of Exactech when he joined the company in 1988. He has
played a key role in every stage of our growth and development and
he knows the company and our industry well.
“David cares deeply about our customers and the people of
Exactech. He also fully understands our obligations to
shareholders. He has developed excellent relationships with the
analysts and fund managers who follow our company and who have
invested in it. The Board is enthusiastic about having appointed
him as CEO and looks forward to supporting his efforts as he
continues to build our company through his commitment to Exactech’s
purpose, vision, and values.
“In addition to my board responsibilities, I will remain active
in the company providing all the value I can in promoting
Exactech’s continued success,” Dr. Petty said.
David Petty, 47, was named president of the company and elected
to the board of directors in December 2007. He previously served as
executive vice president of sales and marketing from February 2000
until December 2007 and has served as a member of the Leadership
Team and the Strategy-Finance Committee, which oversee and direct
the company’s operations. Since joining the company in 1988, he has
been employed in successive capacities in the areas of operations,
sales and marketing. He served as vice president of operations from
April 1991 until April 1993 and vice president of marketing from
1993 until 2000. He was a director of the company from March 1989
until March 1996; from January 2002 until May 2003; and again from
2008 to the present. Mr. Petty received his B.A. from the
University of Virginia in 1988 and completed The Executive Program
of the Darden School of Business in 1999.
William Petty, M.D., 71, is a founder of Exactech. He has been
Chairman of the Board and Chief Executive Officer of the Company
since its inception in 1985 and President from January 2002 until
December 2007. Dr. Petty was a Professor at the University of
Florida College of Medicine from July 1975 to September 1998. Dr.
Petty also served as Chairman of the Department of Orthopaedic
Surgery at the University of Florida College of Medicine from July
1981 to January 1996. Dr. Petty has served as a member of the
Hospital Board of Shands Hospital, Gainesville, Florida, as an
examiner for the American Board of Orthopaedic Surgery, as a member
of the Orthopaedic Residency Review Committee of the American
Medical Association, on the Editorial Board of the Journal of Bone
and Joint Surgery, and on the Executive Board of the American
Academy of Orthopaedic Surgeons. He holds the Kappa Delta Award for
Outstanding Research from the American Academy of Orthopaedic
Surgeons. His book, "Total Joint Replacement," was published in
1991. Dr. Petty received his B.S., M.S., and M.D. degrees from the
University of Arkansas. He completed his residency in Orthopaedic
Surgery at the Mayo Clinic in Rochester, Minnesota.
About Exactech
Exactech began as a dream shared by Dr. Petty, his
wife Betty, and biomedical engineer Gary Miller, Ph.D.
Drs. Miller and Petty had worked with several orthopaedic companies
and thought they saw some things the industry could do differently
and better. They wanted to make a difference in the quality of care
provided to patients suffering from joint
diseases like arthritis. In 1985, the Pettys and Dr.
Miller made the first step toward realizing their vision
by incorporating Exactech on November 8. Since that time,
Exactech has leveraged its founding principles to become
one of the world’s fastest-growing orthopaedic companies with
revenue in 2013 of $237 million.
Today, Exactech develops and markets orthopaedic implant
devices, related surgical instruments and biologic materials and
services to hospitals and physicians. The company manufactures many
of its orthopaedic devices at its Gainesville facility. Exactech’s
orthopaedic products are used in the restoration of bones and
joints that have deteriorated as a result of injury or diseases
such as arthritis. Exactech markets its products in the United
States, in addition to more than 30 markets in Europe, Latin
America, Asia and the Pacific. Additional information about
Exactech, Inc. can be found at http://www.exac.com. Copies of
Exactech’s press releases, SEC filings, current price quotes and
other valuable information for investors may be found at
http://www.exac.com and http://www.hawkassociates.com.
An investment profile on Exactech may be found at
http://www.hawkassociates.com/profile/exac.cfm. To receive future
releases in e-mail alerts, sign up at
http://www.hawkassociates.com/about/alert.
This release contains various forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, which represent
the company’s expectations or beliefs concerning future events of
the company’s financial performance. These forward-looking
statements are further qualified by important factors that could
cause actual results to differ materially from those in the
forward-looking statements. These factors include the effect of
competitive pricing, the company’s dependence on the ability of
third party manufacturers to produce components on a basis which is
cost-effective to the company, market acceptance of the company’s
products and the effects of government regulation. Results actually
achieved may differ materially from expected results included in
these statements.
Exactech, Inc.Investor contactsJody Phillips, 352-377-1140Chief
Financial OfficerorHawk AssociatesJulie Marshall or Frank Hawkins,
305-451-1888E-mail: exactech@hawkassociates.com
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