Zimmer Biomet's spine spinoff, NewCo, is expected to begin operations in mid-2022, with former Medtronic executive Vafa Jamali appointed CEO of the new independent company.
Here are seven CEOs to know in the spine device industry:
1. Geoff Martha. CEO, Medtronic: Mr. Martha succeeded Omar Ishrak, PhD, as CEO of Medtronic in April 2020 and earns about $6.3 million annually. He previously served as president and director of Medtronic. Before joining the medtech giant, he was managing director of business development at GE Healthcare and held several executive positions over a 19-year period. Mr. Martha served as senior vice president of strategy and business development, managing Medtronic's $10 billion acquisition of Covidien in 2015.
2. Kevin Lobo. Chairman and CEO, Stryker: In 2012, 18 months after Mr. Lobo joined Stryker as group president of orthopedics, the company appointed him CEO. His net worth is estimated at $48.6 million. Mr. Lobo owns more than $5.75 million of Stryker stock and has a $13.9 million salary. During his tenure as Stryker CEO, he led more than 20 acquisitions, including that of Mako Surgical, K2M, Trauson Holdings and Mobius Imaging. Before coming to Stryker, Mr. Lobo spent eight years at Johnson & Johnson, where he served as president of Johnson & Johnson Medical Canada and president of Ethicon Endo Surgery.
3. Bryan Hanson. President and CEO, Zimmer Biomet: In 2015, Zimmer Biomet was formed through the merger of Zimmer and Biomet. Two years later, the company appointed Bryan Hanson as president and CEO. Mr. Hanson makes about $11.2 million annually as CEO of the company and is estimated to be worth at least $23.5 million. Before Zimmer Biomet, he was executive vice president and president of the minimally invasive therapies group at Medtronic. Over 22 years, he held several leadership roles at Covidien before the Medtronic acquisition.
4. Vafa Jamali. CEO, NewCo. Mr. Jamali has more than 25 years of experience in the medtech industry, holding executive leadership roles at Baxter, Cardinal Health and Covidien, before Medtronic acquired Covidien in a $42.9 billion deal. At Medtronic, he served as senior vice president and president of respiratory, gastrointestinal and informatics. He was responsible for the strategic direction, research and development, global execution and leadership of the business, which posted $3 billion in annual revenue and included 10,000 employees and 14 manufacturing sites.
5. David Demski. President and CEO, Globus Medical: Mr. Demski joined Globus Medical as CEO in August 2017, previously serving as the company's CFO and as president of emerging technologies. The ExcelsiusGPS, Zimmer Biomet's flagship robotic navigation system for spine surgery, received FDA clearance the month Mr. Demski became CEO. He earns upwards of $4 million, and he is estimated to be worth about $29.4 million. Before stepping into his role at Globus Medical, he founded Cornerstone LBO Fund, a boutique leveraged buyout consultancy. He also was vice president of Gilo Ventures and COO of telecommunications consulting firm Rendall and Associates.
6. Christopher Barry. CEO, NuVasive: In November 2018, Mr. Barry succeeded Gregory Lucier as NuVasive CEO. He earns about $4.8 million a year at the company, including compensation, stocks and bonuses. Previously, he served as senior vice president and president of Surgical Innovations, a business unit that produces $5.5 billion in annual revenue and was acquired by Medtronic in 2015. He was responsible for providing strategic direction to more than 14,000 employees in 79 countries, which included 10 manufacturing sites and several research and development facilities.
7. Patrick Miles. Chair and CEO, Alphatec. Mr. Miles has served as CEO of Alphatec since October 2017, earning about $8 million a year in compensation, stocks and bonuses. Prior to joining Alphatec, he served in various executive leadership roles at NuVasive over a 20-year period, including vice chair, chief operating officer and president of global products and services. Mr. Miles also served as director of marketing for minimally invasive systems and cervical spine systems for Medtronic Sofamor Danek, director of marketing for spine device company Oratec Interventions and held several positions with Smith+Nephew.