Integra LifeSciences Holdings Corp. (IART) promoted Peter Arduini to chief executive officer and named current CEO Stuart Essig as board chairman of the surgical- products company.
Arduini, the current chief operating officer, will take over on Jan. 3, the Plainsboro, New Jersey-based medical-device maker said in a statement today. He was also elected to a new position on Integra’s board. Essig was appointed executive chairman of the board after serving as CEO for 14 years, according to the statement.
Arduini takes over a company that had $732.1 million in sales of devices for orthopedic, neurosurgery, spinal and reconstructive procedures last year, according to data compiled by Bloomberg. He joined Integra in November 2010 after management positions in health-care units at General Electric Co. and Baxter International Inc.
“Pete is an enormously talented executive with a truly global perspective,” Essig said in the statement. “He has won the respect and loyalty of our board, management team, employees and customers, and is the right leader to drive the growth and profitability of this great company for years to come. ”
Integra fell less than 1 percent to $31.19 at the close of New York trading. The shares have declined 34 percent this year.
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