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Wright Medical’s CEO Resigns Without Warning

CEO leaves and CTO is fired; compliance issues to blame.

Gary D. Henley abruptly stepped down as president, CEO and as a director of Wright Medical Technology Inc. In addition, Chief Technology Officer Frank Bono was fired for “failing to exhibit appropriate regard for the company’s ongoing compliance program,” according to the company.

In October last year, Wright Medical settled, to the tune of $7.9 million, with the New Jersey U.S. attorney’s office. The settlement to resolve government allegations that the company had used consulting arrangements with physicians as a way to pay them for hip and knee implant purchases.

In conjunction with the settlement, Wright Medical entered into a deferred prosecution agreement, under which the company it is obligated to a five-year corporate integrity agreement with the U.S. Department of Health and Human Services.

Wright Medical’s Board of Directors has appointed Chairman David D. Stevens as interim president and CEO, effective immediately. Mr. Stevens will remain chairman of the board during this time but will only serve as the interim leader until a permanent replacement is found, according to the Arlington, Tenn.-based firm.

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