Donald J. Zurbay Named Chief Financial
Officer
Andrea Frohning Named Chief Human Resources
Officer
Patterson Companies (Nasdaq: PDCO) today announced additions to
further enhance the Company’s leadership team. Patterson has
appointed Donald J. Zurbay as Chief Financial Officer, effective
June 29, 2018. Patterson also announced that Andrea Frohning has
joined the Company as Chief Human Resources Officer, effective May
21, 2018.
“The addition of talented leaders like Don and Andrea is an
important part of our efforts to realize the full potential of
Patterson and continue building a deeply engaged and committed
team,” said Mark Walchirk, President and CEO of Patterson
Companies. “The ability to attract exceptional leaders is also a
testament to the strength of our platform and the opportunity to
improve our growth and profitability.”
Zurbay joins the organization with more than 28 years of
leadership experience in various accounting and finance positions.
Most recently, he served as Vice President and CFO at leading
global medical device manufacturer St. Jude Medical, Inc. until the
company’s sale to Abbott. In this role, Zurbay developed strategic
and operating plans during a time when St. Jude Medical grew annual
revenues from $1 billion to more than $6 billion, optimized its
cost structure and oversaw a significant SAP implementation.
“Don’s strong track record of successfully leading finance
teams, particularly during periods of growth and change, will be
instrumental as we focus on improving our execution and results,”
said Walchirk. “We look forward to benefiting from his experience
and expertise in implementing ERP systems, creating a more
efficient cost structure and driving cash flow growth, as we
continue to build value for our customers and shareholders.”
Zurbay said, “Patterson offers a compelling value proposition
across strong end markets. I am excited about the opportunity to
work with Mark and the rest of the team to continue the Company’s
transformation and support Patterson’s growth initiatives.”
Zurbay will succeed Dennis W. Goedken, who has been serving as
interim CFO and will continue to serve as Corporate Controller.
Walchirk continued, “I want to thank Dennis for providing a
seamless transition as interim CFO while we conducted our search.
He has played an important role in supporting our near-term actions
and remains a valued member of our team going forward.”
Andrea Frohning joined Patterson as Chief Human Resources
Officer on May 21, 2018. Frohning brings more than 20 years of
experience in leading numerous human resource departments across a
diverse set of business environments and industries. She most
recently served as the Chief Human Resources Officer at
Snyder’s-Lance, a global manufacturer and marketer of snack foods,
where she helped execute operational improvements, accelerate
positive culture changes and grow leadership capabilities.
“Andrea’s background and experience leading people at public,
Fortune 500 companies, especially through transformations, will be
significant as we continue to align our people and resources to our
strategic priorities and future vision,” said Walchirk.
Frohning said, “I am thrilled to join Patterson at such an
exciting time in the Company’s history. I look forward to
supporting Patterson’s transformation, continuing our efforts to
attract and retain the best talent and elevating the performance of
our team.”
Donald Zurbay BiographyDonald Zurbay, 50, most recently
served as Vice President and Chief Financial Officer at St. Jude
Medical, Inc., where he was responsible for all accounting,
financial and business development activities. He joined St. Jude
Medical in 2003 and held various leadership positions, including
Director of Finance and Vice President and Corporate Controller.
Prior to joining St. Jude Medical, Zurbay worked at
PricewaterhouseCoopers for five years as an Assurance and Business
Advisory Services Senior Manager. Before joining
PricewaterhouseCoopers, he was a General Accounting Manager at The
Valspar Corporation. Zurbay started his career at Deloitte &
Touche as an auditor in 1989. Zurbay earned a Bachelor of Science
degree in business accounting from the University of Minnesota and
graduated from the Advanced Management Program at Harvard Business
School.
Andrea Frohning BiographyAndrea Frohning, 48, joins
Patterson from Snyder’s-Lance where she held the role of Senior
Vice President, Chief Human Resources Officer and was responsible
for leading all aspects of the company’s human resources. Prior to
her tenure at Snyder’s-Lance, she was Vice President of Human
Resources at Crane Co. Frohning also held other human resource
managerial positions at Hubbell Inc., General Electric Consumer
Finance and Pepsi Bottling Group. Frohning holds a Bachelor of
Science degree in human development and family studies from the
University of Illinois at Urbana-Champaign and a master’s degree
from the Institute of Labor and Industrial Relations at the
University of Illinois at Urbana-Champaign.
Disclosure of employment inducement grant in accordance with
NASDAQ rules: Patterson’s inducement, severance and change in
control agreement with Zurbay provides for the issuance of a
one-time inducement equity grant consisting of a combination of
stock options and restricted units. The stock options would have an
approximate value of $750,000, would vest pro-rata over the course
of three years, with one-third of the shares vesting on the first
anniversary of the date of grant, one-third vesting on the second
anniversary of the date of the grant, and the remaining one-third
vesting on the third anniversary of the date of grant, in all cases
subject to continued employment and with an overall term of ten
years. The restricted stock units would have a value of $700,000
and would have a two-year vesting schedule, with 50% of the shares
vesting on the first anniversary of the grant and the remaining 50%
of the shares vesting on the second anniversary of the grant,
subject to continued employment. The stock options and restricted
stock unit grants will be made on the first day of employment and
will be based on the closing per share price on the first day of
employment. The stock options and restricted stock unit awards,
which will be granted outside our 2015 Omnibus Incentive Plan, were
approved by our Compensation Committee pursuant to the inducement
grant exception under NASDAQ Rule 5635(c)(4), as an inducement
material to Zurbay entering into employment with Patterson.
About Patterson Companies Inc.Patterson Companies
Inc. (Nasdaq: PDCO) is a value-added distributor serving
the dental and animal health markets.
Dental MarketPatterson’s Dental
segment provides a virtually complete range of consumable dental
products, equipment and software, turnkey digital solutions and
value-added services to dentists and dental laboratories
throughout North America.
Animal Health
MarketPatterson’s Animal Health segment is a
leading distributor of products, services and technologies to both
the production and companion animal health markets in North
America and the U.K.
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Patterson Companies Inc.John M. Wright,
651.686.1364Investor
Relationsjohn.wright@pattersoncompanies.compattersoncompanies.comorPatterson
Companies Inc.Bria Townshend, 651.905.3349Corporate
Communicationscorporate.communications@pattersoncompanies.compattersoncompanies.com
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