Gerald B. Blouch to Retire as President and Chief Executive Officer of Invacare Corporation

  Gerald B. Blouch to Retire as President and Chief Executive Officer of
  Invacare Corporation

Business Wire

ELYRIA, Ohio -- July 24, 2014

Invacare Corporation (NYSE: IVC) today announced that Gerald B. Blouch,
President and Chief Executive Officer, will retire effective July 31, 2014.
Mr. Blouch also will retire from his position as a member of the Board of
Directors at that time. Robert K. Gudbranson, Invacare’s Senior Vice President
and Chief Financial Officer, has been named interim President and Chief
Executive Officer, while retaining his role as the Company’s Chief Financial
Officer.

The Invacare Board of Directors will be launching a comprehensive executive
search process to identify a Chief Executive Officer and will retain a leading
executive recruiting firm to assist in the national search. The search will
include a full review of both internal and external candidates.

''It has been a privilege to be a part of Invacare’s senior leadership team
over the past 24 years, most notably as Chief Executive Officer for the past
four years. My decision to retire was a difficult one, but it is the right
choice for both me and for the Company. I am confident that, despite its
short-term challenges, Invacare has an incredibly strong future. Its
fundamental business is driven by the continued movement of consumers from
acute care facilities into the homecare setting. I have full confidence in Rob
Gudbranson and the senior leadership team to drive the necessary business
improvements to complete the third-party certification audit, as well as turn
around the core business,'' said Mr. Blouch.

Mr. Blouch joined Invacare in 1990 as the Company’s Chief Financial Officer.
In 1994, he became Chief Operating Officer and was responsible for the
operations of all domestic and international business units. He was named
President and a Director of the Company in 1996. He assumed the role of Chief
Executive Officer in January 2011.

Commented Mr. Gudbranson, ''I personally want to thank Gerry for his
commitment to Invacare. We remain focused on completing the final third-party
certification audit and demonstrating our quality systems compliance to the
FDA. During this challenging time, we have three additional critical
priorities, which include improving cash flow, restoring profitability in
Invacare’s North America/Home Medical Equipment and Asia/Pacific businesses
and working to establish a new credit facility with our banks, as our existing
credit facility matures in October 2015.''

Mr. Gudbranson has served as Invacare’s Senior Vice President and Chief
Financial Officer since 2008. Prior to that, Mr. Gudbranson was Vice President
of Strategic Planning and Acquisitions for Lincoln Electric Holdings, Inc., a
$2 billion global manufacturer of welding, brazing and soldering products.
Prior to joining Lincoln Electric, he held various financial roles of
increasing responsibility for Invacare including: Director, Business
Development and Investor Relations; Assistant Treasurer; and European Finance
Director.

Mal Mixon, Chairman of Invacare’s Board of Directors, said, ''We are grateful
to Gerry for his contributions to Invacare over the past 24 years. He was an
integral part of building Invacare into the $1.4 billion world leader of home
and long-term care medical devices. The Board will be actively searching for a
successor who can take the Company to the next level. In the interim the Board
has full confidence in Rob Gudbranson, who has distinguished himself as Chief
Financial Officer.''

The terms of Mr. Blouch's retirement and Mr. Gudbranson’s compensation as
interim President and Chief Executive Officer are detailed in a Form 8-K to be
filed with the SEC on or about the date hereof.

Invacare Corporation (NYSE:IVC), headquartered in Elyria, Ohio, is the global
leader in the manufacture and distribution of innovative home and long-term
care medical products that promote recovery and active lifestyles.The Company
has 5,400 associates and markets its products in approximately 80 countries
around the world. For more information about the Company and its products,
visit Invacare's website at www.invacare.com.

This press release contains forward-looking statements within the meaning of
the “Safe Harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Terms such as “will,” “should,” “could,” “plan,” “intend,” “expect,”
“continue,” “believe” and “anticipate,” as well as similar comments, denote
forward-looking statements that are subject to inherent uncertainties that are
difficult to predict. Actual results and events may differ significantly from
those expressed or anticipated as a result of risks and uncertainties, which
include, but are not limited to, the following: compliance costs, limitations
on the production and/or distribution of the Company's products, inability to
bid on or win certain contracts, unabsorbed capacity utilization, including
fixed costs and overhead, or other adverse effects of the FDA consent decree
of injunction; any circumstances or developments that might further delay or
adversely impact the results of the final, most comprehensive third-party
expert certification audit or FDA inspection of the Company's quality systems
at the Elyria, Ohio, facilities impacted by the FDA consent decree, including
any possible requirement to perform additional remediation activities or
further resultant delays in receipt of the written notification to resume
operations (which could have a material adverse effect on the Company's
business, financial condition, liquidity or results of operations); the
failure or refusal of customers or healthcare professionals to sign
verification of medical necessity (VMN) documentation or other certification
forms required by the exceptions to the FDA consent decree; possible adverse
effects of being leveraged, including interest rate or event of default risks,
including those relating to the Company's financial covenants under its credit
facility (particularly as might result from the impacts associated with the
FDA consent decree); the Company's inability to satisfy its liquidity needs,
including efforts to negotiate a new bank agreement, or additional costs to do
so; adverse changes in government and other third-party payor reimbursement
levels and practices both in the U.S. and in other countries (such as, for
example, more extensive pre-payment reviews and post-payment audits by payors,
or the Medicare National Competitive Bidding program; impacts of the U.S.
Affordable Care Act that was enacted in 2010 (such as, for example, the impact
on the Company of the excise tax on certain medical devices, which began on
January 1, 2013, and the Company's ability to successfully offset such
impact); legal actions, governmental enforcement actions, regulatory
proceedings or the Company's failure to comply with regulatory requirements or
receive regulatory clearance or approval for the Company's products or
operations in the United States or abroad; product liability or warranty
claims; product recalls, including more extensive recall experience than
expected; exchange rate or tax rate fluctuations; inability to design,
manufacture, distribute and achieve market acceptance of new products with
greater functionality or lower costs or new product platforms that deliver the
anticipated benefits; consolidation of health care providers; lower cost
imports; uncollectible accounts receivable; difficulties in
implementing/upgrading Enterprise Resource Planning systems; risks inherent in
managing and operating businesses in many different foreign jurisdictions;
ineffective cost reduction and restructuring efforts; delays, disruptions or
excessive costs incurred in facility closures or consolidations; decreased
availability or increased costs of materials which could increase the
Company's costs of producing or acquiring the Company's products, including
possible increases in commodity costs or freight costs; heightened
vulnerability to a hostile takeover attempt arising from depressed market
prices for Company shares; provisions of Ohio law or in the Company's debt
agreements, shareholder rights plan or charter documents that may prevent or
delay a change in control, as well as the risks described from time to time in
the Company's reports as filed with the Securities and Exchange Commission.
Except to the extent required by law, the Company does not undertake and
specifically declines any obligation to review or update any forward-looking
statements or to publicly announce the results of any revisions to any of such
statements to reflect future events or developments or otherwise.

Contact:

Invacare Corporation
Lara Mahoney, 440-329-6393
 
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