Colfax (NYSE:CFX) today announced the setup of the board of directors for its previously announced fabrication technology spinoff.
Wilmington, Delaware-based Colfax announced last year that it plans to split into two publicly traded companies in 2022, with businesses including DJO forming a new stand-alone orthopedic device company called Enovis while the other company, called ESAB, will focus on fabrication technology operating out of Colfax’s Annapolis Junction, Maryland, headquarters.
Following the spinoff, which Colfax expects to consummate on April 4, the ESAB fabrication technology company will operate under the leadership of chairperson of the board, Mitchell P. Rales, according to a news release.
“Setting ESAB on a path for success and growth has been a priority since we first announced the separation,” Colfax President and CEO Matt Trerotola said in the release. “We have identified an incredibly talented and knowledgeable board of directors who will support ESAB in realizing its full potential as an independent company.”
Current Colfax directors Patrick W. Allender, Rhonda L. Jordan, Didier Teirlinck and Rajiv Vinnakota will serve as directors of ESAB. Allender, Jordan and Teirlinkc will resign from Colfax’s board effective upon the completion of the spinoff.
The board also appointed Melissa Cummings, Robert S. Lutz, Stephanie M. Philipps and ESAB President and CEO Shyam P. Kambeyanda to join the board. Colfax EVP and CFO Christopher M. Hix will also serve as a board member.
“I am thrilled by the opportunity to lead ESAB alongside such a talented and diverse board of directors,” Kambeyanda said. “These individuals collectively bring immense talent, experience and expertise to support ESAB as we build on our rich history as a global leader in fabrication technology and take the next steps as a standalone, public company.
“With the guidance of the new board, I am confident ESAB will be well-positioned to accelerate growth, create long-term shareholder value and fulfill our purpose of shaping the world we imagine.”