Name: Damien McDonald
New title: CEO, Enovis
Previous title: CEO, Livanova
Enovis has appointed Damien McDonald as CEO to replace the retiring Matt Trerotola, the orthopedic company said Wednesday.
In February, Trerotola told Enovis he planned to retire to spend more time with family and friends. Enovis began working with an executive search firm to find a replacement for Trerotola, who agreed to remain as CEO until a new leader was in place. The search led Enovis to McDonald, who resigned as CEO of Livanova two years ago.
McDonald, who is set to start as CEO on May 12, is joining a business that has expanded quickly in the orthopedic reconstruction sector. Through actions such as the 800 million euro ($847 million) takeover of LimaCorporate, Enovis has built reconstruction into a $1 billion business.
Talking at a Canaccord Genuity event last month, Enovis CFO Ben Berry said the company is focused on building reconstruction into “a sustained above-market grower” while trying to “shape and improve” its prevention and recovery business. Berry said the company is “about a $1 billion player in a $4 billion to $5 billion market” for prevention and recovery products.
McDonald secured the chance to lead Enovis on the strength of his work at Livanova. Sharon Wienbar, lead independent director at Enovis, said in a statement that McDonald has a “strong track record as CEO of a public, global medical technology” company and a “similar approach to business processes and culture” as his new employer.
Analysts delivered a mixed verdict of McDonald’s seven years in charge of Livanova, a cardiac surgery and neuromodulation company, at the time of his resignation. Needham analysts noted “several pipeline disappointments” and a fall in Livanova’s share price to explain why they were not surprised by the resignation.
Stifel analysts were more positive, expressing disappointment at McDonald’s resignation and calling him “the architect of many positive operational and strategic changes over his seven-year tenure.”
