Medical Equipment Manufacturer Invacare Announces Leadership Changes
AUG 30, 2022 - 7:29 am
Invacare, a manufacturer of medical equipment, changed its senior management team and board of directors to advance its previously announced business transformation initiatives, address supply chain challenges and strengthen its financial performance. Geoffrey P. Purtill, who had been serving as the company’s senior vice president and general manager in the EMEA and APAC regions, was named interim president and CEO, replacing Matthew E. Monaghan, who left from his role as chairman, president and CEO, effective Aug. 28. The board of directors will continue the search to appoint a permanent CEO.
“After careful consideration, the board determined that now is the right time for a change in leadership to oversee the successful execution of Invacare’s business transformation,” Cliff Nastas, lead independent director at Invacare, said. “We welcome Geoff, who has distinguished himself throughout his tenure with Invacare. The board has full confidence that he has the right skillset and industry experience to lead the company through this transition as we search for a permanent successor who can accelerate the achievement of our objectives. We thank Matt for his years of service. We look forward to having Geoff advance our strategic initiatives.”
The company also appointed Michael J. Merriman Jr. a director and non-executive chairman of the board. Merriman, who previously served on Invacare’s board and served as chair of its audit committee from 2014 to 2018, will also serve on the company’s strategy committee. As the independent chairman of the board, Merriman succeeds Cliff Nastas as the company’s lead independent director.
“We are excited to welcome Mike Merriman back to the board and know that his leadership, financial and business management acumen and experience in transforming underperforming businesses will be invaluable to the board as we transform Invacare,” Nastas said.
Purtill served as the senior vice president and general manager in the EMEA and APAC regions since December 2021 and, prior to that, led Invacare’s global strategy efforts. He served for 11 years as vice president and general manager of the company’s Asia Pacific region. Prior to joining Invacare, he held various sales, category management and supply chain leadership roles at Johnson & Johnson and Nestle.
Merriman has served as an operating advisor of Resilience Capital Partners, a private equity firm focused on principal investing in lower middle-market underperforming and turnaround opportunities, from 2008 until 2017, and currently serves on the board of one of Resilience’s portfolio companies. Merriman is a director of Nordson Corporation, a manufacturer of products that dispense adhesives, coatings, sealants, biomaterials and other materials, and has served as chairman of the board since 2018. He also is a director of Regis, a company that owns, franchises and operates beauty salons, hair restoration centers and cosmetology education facilities, where he is chair of the audit committee and a member of the compensation committee. Merriman previously served as a director of Invacare from 2014 to 2018.
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