Invacare Corporation (NYSE: IVC) today announced changes to 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, EMEA and APAC, was named interim President and Chief Executive Officer, replacing Matthew E. Monaghan, who has left from his role as Chairman, President and Chief Executive Officer, effective August 28, 2022.
The Board of Directors has commenced a search to identify and 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. 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,” said Cliff Nastas, Invacare’s lead independent director.
The company also announced that Michael J. Merriman, Jr. was appointed as a director and named non-executive Chairman of the Board. Mr. 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, Mr. 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,” said Mr. Nastas.News Source: Businesswire