Medical device company Orthofix Medical announced a shake-up of its C-suite after an investigation uncovered “repeated inappropriate and offensive conduct” by top executives that forced the company to fire them for cause.
Chief Executive Keith Valentine, Chief Financial Officer John Bostjancic, and Chief Legal Officer Patrick Keran were each dismissed after a unanimous decision by the board’s independent directors. The board also requested Valentine resign from the board.
Catherine Burzik, chair of the board, has taken over as interim CEO; Geoffrey Gillespie, vice president, corporate controller, as interim CFO; and Puja Leekha, senior vice president, chief ethics and compliance officer, as interim CLO, the company said in a press release Tuesday. The appointments are effective immediately.
An investigation by an independent outside legal counsel directed and overseen by Orthofix’s directors found the three executives violated multiple code of conduct requirements that were inconsistent with the company’s values and culture, Orthofix said.
Specific details regarding the alleged misconduct were not disclosed.
Burzik said the company does not condone “harassing or inappropriate conduct or statements of any kind” and that the board “did not make these decisions lightly.”
“We require all employees—and especially our leaders—to behave in accordance with the company’s values,” she added.
Orthofix noted the matters are unrelated to and do not impact its strategy, operations results, or previously filed financial statements. The board will immediately begin searching for permanent successors for each vacated role.
Leekha joined Orthofix as CECO earlier this year. She has more than 18 years of experience in legal and compliance roles within the medical device and pharmaceutical industries, including with Stryker and Lundbeck Pharmaceuticals.
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