As Gary D. Henley stepped down as president, CEO and as a director of Wright Medical Group, Chief Technology Officer Frank Bono has been fired for "failing to exhibit appropriate regard for the company's ongoing compliance program," according to a company regulatory filing.
The company's $8 million settlement in Oct. 2010 with the New Jersey U.S. attorney's office. The settlement was paid to resolve government allegations that the company had used consulting arrangements with physicians as a way to pay them for hip and knee implant purchases.
In conjunction with the settlement, Wright Medical entered into a deferred prosecution agreement, under which the company it is obligated to a five-year corporate integrity agreement with HHS, according to a company news release.
Meanwhile, Wright Medical's Board of Directors has appointed Chairman David D. Stevens as interim president and CEO, effective immediately. Mr. Stevens will remain chairman of the board during this time but will only serve as the interim leader until a permanent replacement is found, according to a company news release.
Read the regulatory filing from Wright Medical Group.
Read other coverage about Wright Medical Group:
- Wright Medical Group Reports 4Q Net Sales of $138.3M, 6% Increase
- Wright Medical Group Releases EVOLVE Elbow Plating System
The company's $8 million settlement in Oct. 2010 with the New Jersey U.S. attorney's office. The settlement was paid to resolve government allegations that the company had used consulting arrangements with physicians as a way to pay them for hip and knee implant purchases.
In conjunction with the settlement, Wright Medical entered into a deferred prosecution agreement, under which the company it is obligated to a five-year corporate integrity agreement with HHS, according to a company news release.
Meanwhile, Wright Medical's Board of Directors has appointed Chairman David D. Stevens as interim president and CEO, effective immediately. Mr. Stevens will remain chairman of the board during this time but will only serve as the interim leader until a permanent replacement is found, according to a company news release.
Read the regulatory filing from Wright Medical Group.
Read other coverage about Wright Medical Group:
- Wright Medical Group Reports 4Q Net Sales of $138.3M, 6% Increase
- Wright Medical Group Releases EVOLVE Elbow Plating System