After uncovering that former executives had spied on employees to discredit whistleblowers, MiMedx Group announced several changes to its board, including the appointment of new CEO Tim Wright, MarketWatch reports.
What you should know:
1. In addition to the former executives' espionage, MiMedx's former CEO and chief operating officers resigned in July 2018 after a report showed they and the company's former controller were aware of practices related to its largest distributor that manipulated revenue.
2. MiMedx will add six new members to the board, including CEO Tim Wright.
3. One of MiMedx's largest shareholders, Prescience Point Capital Management, will have three sitting members on the board, including Sarepta Therapeutics chairwoman M. Kathleen Behrens Wilsey, PhD, who is expected to serve as chairwoman.
Current MiMedx board chairman Charles Evans said: "The MiMedx board and the current senior leadership team have been working tirelessly to address the fallout from the actions of the prior senior management team and get the company back on track. Now that we have made substantial progress on these fronts, it is time to begin the Board transition and refreshment process."