12/03/2019 | Press release | Distributed by Public on 12/03/2019 06:06
RTI Surgical® Accelerates Business Transformation with Senior Leadership Appointments
December 3, 2019
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Terry Rich, experienced spine leader, named President, Global Spine; Olivier Visa elevated to President, Global OEM
DEERFIELD, IL, December 3, 2019 - RTI Surgical Holdings, Inc. (Nasdaq: RTIX), a global surgical implant company, today announced Terry Rich has joined RTI as president of Global Spine. Rich brings to RTI decades of deep spine leadership and commercial success. The company also announced the promotion of Olivier Visa to president of Global OEM. These appointments reinforce the progression of RTI's strategy to reduce complexity and transform RTI into a focused Spine and OEM company, driven by operational excellence and, we believe, poised for accelerated growth.
Rich has a proven track record of leading global businesses, driving sales execution and building commercial organizations to drive growth. Prior to joining RTI, he led the turnaround of Alphatec Spine from December 2016 through December 2018. As a director and CEO, he strengthened the organization's competencies, redirected the portfolio with 12 new products and laid the foundation for focused innovation and growth. Prior to Alphatec Spine, Rich was President of Upper Extremities at Wright Medical Group, N.V. Rich has held sales leadership positions at Tornier, NuVasive and DePuy Spine earlier in his career.
'This is an important appointment that adds a globally recognized leader to the helm of our spine segment at RTI,' said Camille Farhat, president and CEO, RTI. 'Terry has a deep commitment to growth and innovation, as well as exceptional relationships with clinical thought leaders in our market. Our spine business is in the early stages of what we believe is a longer-term transformation with tremendous opportunities ahead. We believe Terry's leadership will help accelerate the execution of our Novel Therapies commercial channel and multiple product launches planned for 2020.'
'RTI has built an under-estimated spine business,' said Rich. 'We believe pursuing a growth strategy of investing in differentiated products and building scale is a formula for accelerating growth. RTI has developed and secured unique, data-supported products and is building a Novel Therapies commercial channel that should accelerate these products to standard of care. We believe we have an incredible opportunity to be the partner of choice for independent distributors and surgeons focused on growth and delivering the quality, safety and outcomes that spine patients expect and deserve.'
Olivier Visa has been promoted to president of Global OEM. Visa joined RTI in October 2017 as vice president of OEM and has spearheaded the positive performance of this business segment within RTI. Under his leadership, the OEM segment has earned a solid market position serving leading medical technology companies that operate in a diverse set of end markets with attractive growth profiles. Over the past two years the business has returned to growth, driven operational excellence and delivered significant predictable recurring EBITDA.
'I am extremely proud of our RTI team for building an OEM segment that has delivered stable revenue and EBITDA growth over the past two years, while keeping our customers at the center of all we do,' said Visa. 'Our growth trajectory is rooted in our deep and unique technical expertise across metal, tissue and biologic products and our broad range of services that span from design and development to manufacturing and fulfilment. I look forward to our continued growth, the expansion of our customer partnerships and the fulfillment of our deep product pipeline.'
Both Mr. Rich and Mr. Visa will report to Camille Farhat.
As a material condition to entering into employment with RTI, on November 29, 2019 (the 'Grant Date'), the Company and Mr. Rich entered into: (1) a restricted stock award agreement (the 'Restricted Stock Agreement'); and (2) a stock option agreement (the 'Option Agreement').
Under the Restricted Stock Agreement, the Company granted Mr. Rich 125,598 shares of restricted Common Stock. On the first anniversary of the Grant Date, 41,866 shares will vest. The remaining shares will vest on the last day of each calendar quarter at a rate of 10,466.5 shares per calendar quarter commencing on the fifteenth month following the Grant Date and continuing for two years year after. Vesting of these shares may accelerate upon the occurrence of certain conditions.
Under the Option Agreement, the Company granted Mr. Rich the option to purchase 188,397 shares of Common Stock (the 'Stock Options'), as of the Grant Date. The exercise price for the Stock Options is $2.09. On the first anniversary of the Grant Date, 62,799 will vest. The remaining shares will vest on the last day of each calendar quarter at a rate of 15,699.75 shares per calendar quarter commencing on the fifteenth month following the Grant Date and continuing for two years after. The vesting of the Stock Options is cumulative.
About RTI Surgical Holdings, Inc.
RTI Surgical Holdings, Inc. is a leading global surgical implant company providing surgeons with safe biologic, metal and synthetic implants. Committed to delivering a higher standard, RTI's implants are used in sports medicine, general surgery, spine, orthopedic and trauma procedures and are distributed in nearly 50 countries. RTI has four manufacturing facilities throughout the U.S. and Europe. RTI is accredited in the U.S. by the American Association of Tissue Banks and is a member of AdvaMed. For more information, please visit www.rtix.com. Connect with us on LinkedIn and Twitter.
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations, estimates and projections about our industry, our management's beliefs and certain assumptions made by our management. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' 'should,' variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, except for historical information, any statements made in this communication about anticipated financial results, growth rates, new product introductions, future operational improvements, gaining market share and results or regulatory actions or approvals or changes to agreements with distributors also are forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties, including the risks described in public filings with the U.S. Securities and Exchange Commission (SEC). Our actual results may differ materially from the anticipated results reflected in these forward-looking statements. Copies of the company's SEC filings may be obtained by contacting the company or the SEC or by visiting RTI's website at www.rtix.com or the SEC's website at www.sec.gov.