RTI Surgical® Accelerates Business Transformation with Senior Leadership Appointments
December 03 2019 - 7:00AM
RTI Surgical Holdings, Inc. (Nasdaq: RTIX), a global surgical
implant company, today announced Terry Rich has joined RTI as
president of Global Spine. Rich brings to RTI decades of deep spine
leadership and commercial success. The company also announced the
promotion of Olivier Visa to president of Global OEM. These
appointments reinforce the progression of RTI’s strategy to reduce
complexity and transform RTI into a focused Spine and OEM company,
driven by operational excellence and, we believe, poised for
accelerated growth.
Rich has a proven track record of leading global
businesses, driving sales execution and building commercial
organizations to drive growth. Prior to joining RTI, he led the
turnaround of Alphatec Spine from December 2016 through December
2018. As a director and CEO, he strengthened the organization’s
competencies, redirected the portfolio with 12 new products and
laid the foundation for focused innovation and growth. Prior to
Alphatec Spine, Rich was President of Upper Extremities at Wright
Medical Group, N.V. Rich has held sales leadership positions at
Tornier, NuVasive and DePuy Spine earlier in his career.
“This is an important appointment that adds a
globally recognized leader to the helm of our spine segment at
RTI,” said Camille Farhat, president and CEO, RTI. “Terry has a
deep commitment to growth and innovation, as well as exceptional
relationships with clinical thought leaders in our market. Our
spine business is in the early stages of what we believe is a
longer-term transformation with tremendous opportunities ahead. We
believe Terry’s leadership will help accelerate the execution of
our Novel Therapies commercial channel and multiple product
launches planned for 2020.”
“RTI has built an under-estimated spine
business,” said Rich. “We believe pursuing a growth strategy of
investing in differentiated products and building scale is a
formula for accelerating growth. RTI has developed and secured
unique, data-supported products and is building a Novel Therapies
commercial channel that should accelerate these products to
standard of care. We believe we have an incredible opportunity to
be the partner of choice for independent distributors and surgeons
focused on growth and delivering the quality, safety and outcomes
that spine patients expect and deserve.”
Olivier Visa has been promoted to president of
Global OEM. Visa joined RTI in October 2017 as vice president of
OEM and has spearheaded the positive performance of this business
segment within RTI. Under his leadership, the OEM segment has
earned a solid market position serving leading medical technology
companies that operate in a diverse set of end markets with
attractive growth profiles. Over the past two years the business
has returned to growth, driven operational excellence and delivered
significant predictable recurring EBITDA.
“I am extremely proud of our RTI team for
building an OEM segment that has delivered stable revenue and
EBITDA growth over the past two years, while keeping our customers
at the center of all we do,” said Visa. “Our growth trajectory is
rooted in our deep and unique technical expertise across metal,
tissue and biologic products and our broad range of services that
span from design and development to manufacturing and fulfilment. I
look forward to our continued growth, the expansion of our customer
partnerships and the fulfillment of our deep product pipeline.”
Both Mr. Rich and Mr. Visa will report to
Camille Farhat.
As a material condition to entering into
employment with RTI, on November 29, 2019 (the “Grant Date”), the
Company and Mr. Rich entered into: (1) a restricted stock award
agreement (the “Restricted Stock Agreement”); and (2) a stock
option agreement (the “Option Agreement”).
Under the Restricted Stock Agreement, the
Company granted Mr. Rich 125,598 shares of restricted Common Stock.
On the first anniversary of the Grant Date, 41,866 shares will
vest. The remaining shares will vest on the last day of each
calendar quarter at a rate of 10,466.5 shares per calendar quarter
commencing on the fifteenth month following the Grant Date and
continuing for two years year after. Vesting of these shares may
accelerate upon the occurrence of certain conditions.
Under the Option Agreement, the Company granted
Mr. Rich the option to purchase 188,397 shares of Common Stock (the
“Stock Options”), as of the Grant Date. The exercise price for the
Stock Options is $2.09. On the first anniversary of the Grant Date,
62,799 will vest. The remaining shares will vest on the last day of
each calendar quarter at a rate of 15,699.75 shares per calendar
quarter commencing on the fifteenth month following the Grant Date
and continuing for two years after. The vesting of the Stock
Options is cumulative.
About RTI Surgical Holdings, Inc.RTI Surgical
Holdings, Inc. is a leading global surgical implant company
providing surgeons with safe biologic, metal and synthetic
implants. Committed to delivering a higher standard, RTI’s implants
are used in sports medicine, general surgery, spine, orthopedic and
trauma procedures and are distributed in nearly 50 countries. RTI
has four manufacturing facilities throughout the U.S. and Europe.
RTI is accredited in the U.S. by the American Association of Tissue
Banks and is a member of AdvaMed. For more information, please
visit www.rtix.com. Connect with us
on LinkedIn and Twitter.
Forward-Looking StatementsThis
communication contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management’s current
expectations, estimates and projections about our industry, our
management’s beliefs and certain assumptions made by our
management. Words such as “anticipates,” “expects,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” “should,” variations of
such words and similar expressions are intended to identify such
forward-looking statements. In addition, except for historical
information, any statements made in this communication about
anticipated financial results, growth rates, new product
introductions, future operational improvements, gaining market
share and results or regulatory actions or approvals or changes to
agreements with distributors also are forward-looking statements.
These statements are not guarantees of future performance and are
subject to risks and uncertainties, including the risks described
in public filings with the U.S. Securities and Exchange Commission
(SEC). Our actual results may differ materially from the
anticipated results reflected in these forward-looking statements.
Copies of the company’s SEC filings may be obtained by contacting
the company or the SEC or by visiting RTI’s website at www.rtix.com
or the SEC’s website at www.sec.gov.
Molly PoarchInvestor and Media
Contactmpoarch@rtix.com+1 224 287 2661
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