Orthofix Replaces Ousted Executive Trio

Orthofix Medical Inc. has replaced a trio of executives who were fired this week for harassment and “inappropriate conduct.” 

Board Chair Catherine Burzik replaces Keith Valentine as interim CEO; Vice President and Corporate Controller Geoffrey Gillespie succeeds John Bostjancic as interim chief financial officer (CFO); and Senior Vice President, Chief Ethics and Compliance Officer Puja Leekha replaces Patrick Keran as interim chief legal officer. The appointments are effective immediately and follow the board’s unanimous decision to terminate for cause Keith Valentine, John Bostjancic and Patrick Keran from those respective roles. The board also requested that Valentine resign from the governing body.

A search is now underway for the trio’s permanent replacements.
 
The board’s decision follows an investigation conducted by independent outside legal counsel and directed and overseen by the company’s independent directors. As a result of the investigation, the board determined that each of these executives engaged in repeated inappropriate and offensive conduct that violated multiple code of conduct requirements and was inconsistent with Orthofix’s values and culture. 
 
“Orthofix’s core values are built around fostering, cultivating and preserving a culture that is respectful, and we do not condone harassing or inappropriate conduct or statements of any kind,” Burzik said. “We require all employees—especially our leaders—to behave in accordance with the company’s values. The board did not make these decisions lightly. We believe they are necessary to ensure our employees, investors, customers, and other stakeholders have confidence in the company’s leaders.”

Burzik was re-appointed board chair in June. She previously served as board chair from 2021 to 2022 before becoming lead independent director of the new combined board that was formed after the SeaSpine merger. She was president and CEO of Kinetic Concepts Inc. from 2006 until the firm’s 2011 sale. Before that, Burzik was president of Applied Biosystems Group and held senior executive positions at Eastman Kodak and Johnson & Johnson, including CEO and president of Kodak Health Imaging Systems and president of Ortho-Clinical Diagnostics Inc., a Johnson & Johnson company.
 
Burzik is currently a board member at Becton, Dickinson and Company, where she chairs the Quality and Regulatory Compliance Committee and serves on the Corporate Governance and Nominating Committee. Additionally, she is Chairman Emeritus of StemBioSys Inc. and Chairman Emeritus of the American College of Wound Healing and Tissue Repair. Burzik previously served on the board of the San Antonio Branch of the Dallas Federal Reserve Board, Allscripts Inc., Bausch & Lomb, Cordis Corporation, Haemonetics Corporation, and AdvaMed.

“Cathy is among the most respected executives in medtech with more than 30 years of experience across the diagnostics, life sciences and medical device industries. Her leadership on the Orthofix board and her record guiding other global companies, including as CEO, made her the natural choice to serve as Interim CEO at Orthofix. We know that Cathy, along with our business unit leaders and teams, will help ensure the continued execution of the company’s strategy and a smooth transition while the board conducts its executive search,” said Stuart Essig, Ph.D., chair of the board’s Nominating, Governance and Sustainability Committee.
 
In 2019, Burzik received the AdvaMed Lifetime Achievement Award that honors accomplishments of pioneers in the medical technology industry whose contributions have had a significant impact on patients’ lives and the industry as an essential part of America’s economy. 

She earned a bachelor of arts degree in mathematics from Canisius University and a master of arts degree in mathematics from the University of Buffalo.

“Sales momentum and progress on integration initiatives demonstrate the strength of our spine and orthopedics solutions, and the caliber of our business unit leaders and teams that know how to execute. Our expanded portfolio is driving cross-selling opportunities, making us a stronger partner to distributors and the surgeons who rely on our technology for the patients they treat,” Burzik stated. “With our merger closed earlier this year, I have come to know well our business leaders and have the utmost confidence in them. We are fortunate to benefit from a team who has a solid understanding of our combined company, is executing our integration plan and is delivering the benefits we expected when the transaction was announced. The appointments today tap into this talent. We thank Geoff and Puja for stepping into their expanded roles. I look forward to working closely with them and the outstanding teams across the organization.”

Gillespie has been vice president-corporate controller since May 2021, and previously served as senior director of U.S. Accounting and Consolidations for more than nine years. Before joining Orthofix, Gillespie held various financial reporting management roles at Flowserve, and prior to that, at Deloitte for more than seven years.
 
Gillespie earned a bachelor of applied science degree in accounting and finance from the University of Utah and an MBA in finance from Baylor University.
 
Leekha joined Orthofix in 2023 as senior vice president, chief ethics and compliance officer. In this role she is responsible for all aspects of the company’s compliance program and policies, ensuring that Orthofix’s business practices and interactions with healthcare professionals are compliant with current legal and industry standards in all global markets. Before joining Orthofix, Leekha spent more than 18 years in various legal and compliance roles within the medical device and pharmaceutical industries, including with Stryker and Lundbeck Pharmaceuticals, and as a litigator with the law firm now known as Faegre Drinker Biddle & Reath LLP defending medical device and pharmaceutical companies in product liability actions. Her clients included Johnson & Johnson companies such as DePuy Synthes.
 
Leekha earned a bachelor of science degree in biomedical engineering with a biotechnology specialization from Northwestern University and a Juris Doctor from Washington University School of Law in St. Louis. She was the managing editor of the Washington University Global Studies Law Review and served as a law clerk for a federal court judge.
 
On Jan. 5, 2023, Orthofix and SeaSpine merged to form a global spine and orthopedics company with a portfolio of biologics, spinal hardware, bone growth therapies, specialized orthopedic solutions, and a surgical navigation system. Its products are distributed in approximately 68 countries worldwide. The company is headquartered in Lewisville, Texas, and has primary offices in Carlsbad, Calif., with a focus on spine and biologics product innovation and surgeon education, and Verona, Italy, with an emphasis on product innovation, production, and medical education for orthopedics. The combined Company’s global R&D, commercial and manufacturing footprint also includes facilities and offices in Irvine, Calif.; Toronto; Sunnyvale, Calif.; Wayne, Pa.;, Olive Branch, Miss.; Maidenhead, U.K.; Munich, Germany; Paris; and Sao Paulo. A new name for the combined entity will be announced at a future date; the company will continue to operate as Orthofix until said announcement.