Integra LifeSciences (NSDQ:IART) announced today that Peter Arduini will step down as CEO to accept a new role at GE Healthcare (NYSE:GE).
Princeton, N.J.-based Integra said in a news release that Arduini will step down at the end of 2021 to assume the role of president & CEO at GE Healthcare. Current president and CEO of GE Healthcare, Kieran P. Murphy, this week expressed his intention to retire, according to a separate release.
“It has been a privilege and honor to serve as Integra’s President and CEO since 2012 and to work alongside this talented and passionate team. Together, we have accomplished much, including global leadership in neurosurgery with some of the most recognized brands in plastic and reconstructive surgery, and an innovative pipeline to accelerate future growth,” Arduini said in Integra’s release. “I want to personally thank Stuart and the Board for their invaluable guidance and unwavering partnership over the years, as well as our colleagues, customers, and shareholders for their trust and support. The future is bright for Integra, and I look forward to the many successes this organization will achieve in the years to come.”
Integra said its board of directors has initiated a formal search for a new president & CEO, appointing a special committee to direct the search and transition process with the assistance of a leading executive search firm, Heidrick & Struggles.
The board expects the search process to conclude this year, with both internal and external candidates to be considered. Arduini’s run as president & CEO goes through Dec. 31, 2021, or until a new president & CEO has been named to ensure that a smooth transition takes place.
“On behalf of our entire organization, I want to thank Pete for his inspirational leadership and dedication over the past eleven years. Pete has been instrumental in transforming and shaping Integra into the company it is today – a mission-driven organization positively impacting the lives of millions of patients annually,” Integra board of directors chairman Stuart Essig said. “Today, Integra is a large and focused company with a strong executive leadership team, highly differentiated products, industry-leading margins, a compelling growth trajectory, and a clear path to sustained shareholder value creation. Pete’s tenure has been exciting and rewarding, and his personal decision comes at a time when Integra is experiencing great momentum and is extremely well-positioned strategically, operationally, and financially.
“On behalf of the board, leadership team, and our 3,700 employees globally, we wish Pete all the best in his next endeavor. We are committed to identifying a highly-qualified successor exemplifying our company values who will lead Integra in its next phase of expansion and profitable growth.”