Wilmington DE, March 11, 2022 (GLOBE NEWSWIRE) — Colfax Corporation (NYSE: CFX), a leading diversified technology company, today announced the future composition of the company’s Board of Directors (the “Board”) , which will be renamed Enovis Corporation (“Enovis”) upon completion of the Company’s previously announced spin-off (the “Separation”) of its existing manufacturing technology business, which will operate as ESAB Corporation.
Following the separation, Mitchell P. Rales will continue to serve as Chairman of the Board, and current Colfax directors Liam Kelly, Philip Okala, Clayton Perfall, Rajiv Vinnakota, Sharon Wienbar and Matt Trerotola will remain in their roles. current positions as directors of Enovis. . Mr. Trerotola will also serve as CEO of Enovis following the separation.
In addition, the Board has appointed Barbara Bodem, Angela S. Lalor, Dr. Christine Ortiz and Brady R. Shirley as directors of the Company, effective upon completion of the separation.
Ms Bodem served as Senior Vice President and Chief Financial Officer at Hillrom, a global medical technology company, from 2018 until its acquisition by Baxter International Inc. (NYSE: BAX) in 2021. She previously served as Senior Vice President in finance at Mallinckrodt Pharmaceuticals, a pharmaceutical manufacturer, from 2015 to 2018. Ms. Bodem has also held senior finance positions at Hospira, Inc. and Eli Lilly & Company. She is currently a director of Turning Point Therapeutics, Inc. (Nasdaq: TPTX), a clinical-stage precision oncology company, where she is chair of the audit committee and member of the compensation committee, and Syneos Health, Inc. ., (Nasdaq: SYNH), an integrated biopharmaceutical solutions company, of which she is a member of the audit committee. Ms. Bodem holds a Bachelor of Science in Finance and an MBA from Indiana University. Ms. Bodem will be a member of the Audit Committee of the Board of Directors.
Ms Lalor has served as Senior Vice President, Human Resources, of Danaher Corporation since 2012 and will hold an advisory position with Danaher effective April 1, 2022, until her expected retirement in the first quarter of 2023. Prior to her current role, Ms. Lalor worked at 3M for 22 years in a series of progressively responsible roles, including her last role as senior vice president of human resources for the company. Ms. Lalor holds a BA in psychology from the University of Northern Iowa and a master’s degree in industrial relations and human resources from the University of Iowa. Ms. Lalor will be a member of the Compensation and Human Capital Management Committee of the Board of Directors.
Dr. Ortiz holds the Morris Cohen Chair in Materials Science and Engineering at the Massachusetts Institute of Technology, where she made pioneering advances in biotechnology, biomaterials, and nanotechnology. Author of more than 200 scholarly publications, she has supervised research projects in several academic disciplines, received 30 national and international honors, including the Presidential Early Career Award in Science and Engineering bestowed upon her by President George W. Bush , and was the Dean for Graduate Education at MIT from 2010 to 2016. She is the founder of an innovative, non-profit post-secondary institution, Station1. Dr. Ortiz holds a Bachelor of Science from Rensselaer Polytechnic Institute, a Master of Science and a Doctor of Philosophy from Cornell University, each in the field of materials science and engineering. She is also a director of Mueller Water Products (NYSE: MWA), a publicly traded water infrastructure and technology company. At Enovis, Dr. Ortiz will serve as a member of the Nominating and Corporate Governance Committee of the Board of Directors.
Mr Shirley was appointed CEO of the company’s DJO business in November 2016. Previously, he served as President of the DJO Surgical business, a position to which he was appointed in March 2014. From 2009 to 2013, Mr. Shirley was the CEO and director of Innovative Medical Device Solutions, a company that provides comprehensive product development, manufacturing and supply chain management solutions for medical device companies within the orthopedic medical device industry. From December 1992 to August 2009, he held several key leadership positions at Stryker Corporation, including President of Stryker Communications and Senior Vice President of Stryker Endoscopy. He received a Bachelor of Business Administration in Finance from the University of Texas, Austin. Mr. Shirley will also serve as Chief Operating Officer and President of Enovis.
The company also announced that current Colfax directors Patrick W. Allender, Rhonda L. Jordan and Didier Teirlinck will resign from the board of directors effective upon completion of the separation to join the board of directors of ESAB Corporation. , and that Thomas M. Gayner has announced his intention to retire from the board effective March 31, 2022.
“I am confident that Enovis will become one of the world’s leading medical technology companies with the guidance of this diverse, experienced and passionate Board of Directors,” said Mr. Trerotola. “The Enovis Board of Directors will bring a wealth of knowledge in the areas of healthcare, technology, strategic growth, financial and operational improvement, and high performance cultures. I look forward to partnering with them to realize our vision of creating better patient outcomes and creating value for investors.
About Colfax Corporation
Colfax Corporation (NYSE: CFX) is a leading diversified technology company that provides orthopedic technology and manufacturing products and services to customers worldwide, primarily under the DJO and ESAB brands. The company uses its Colfax Business System, a comprehensive set of tools and processes, to create superior value for customers, shareholders and associates. In March 2021, Colfax announced its intention to separate into two independent, public companies, which is expected to be completed by the end of the first quarter of 2022, to accelerate strategic momentum and unlock additional value creation potential.
Enovis Corporation will be a growing medical technology company dedicated to developing clinically differentiated solutions that drive measurable patient outcomes and transform workflows. Powered by a culture of continuous improvement, global talent and innovation, Enovis’ wide range of products, services and integrated technologies fuel active lifestyles in orthopedics and beyond. ESAB Corporation will focus on manufacturing technologies. For more information about Colfax and our separations business, please visit www.colfaxcorp.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding plans, objectives, prospects, expectations and intentions, including the planned separation of Colfax’s manufacturing technology and specialty medical technology businesses (the “Separation”), as well as the timing, method and expected benefits of the separation, and other statements that do not are not historical or current facts. Forward-looking statements are based on Colfax’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause Colfax’s results to differ materially from current expectations include, but are not limited to, risks related to the impact of the global COVID-19 pandemic, including the increase, prevalence and severity of virus variants, actions of governments, companies and individuals in response to the situation, such as the extent and duration of the outbreak, the nature and effectiveness of government actions and restrictive measures implemented in response, significant delays and cancellations of medical procedures, supply chain disruptions, impact on customer solvency and financial viability; risks relating to the Separation, including the final approval of the Separation by Colfax’s board of directors, the uncertainty of obtaining regulatory approvals and a favorable tax opinion, Colfax’s ability to complete satisfactorily the steps necessary for the Separation and related transactions to be generally tax-free for U.S. federal income tax purposes, the ability to qualify to complete the separation in a timely manner, or not at all, the ability to realize the anticipated benefits of the separation, developments related to the impact of the COVID-19 pandemic on the Separation, and the financial and operational performance of each company following the Separation; other impacts on Colfax’s business and ability to execute business continuity plans; and other factors detailed in Colfax’s reports filed with the United States Securities and Exchange Commission (the “SEC”), including its most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q under “Risk Factors,” as well as other risks discussed in Colfax’s filings with the SEC. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. Colfax disclaims any obligation to update the information contained herein.
The term “Colfax” in reference to the activities described in this press release may refer to one or more of Colfax’s worldwide operating subsidiaries and/or their internal business divisions and does not necessarily indicate the activities carried on by Colfax Corporation.