Invacare names PE vet Monaghan as president and CEO

Invacare Corp. has hired Matthew E. Monaghan as president and CEO. The appointment becomes effective April 1, 2015. Currently, Monaghan is the senior vice president and general manager of Zimmer’s Global Hips business. Before joining Zimmer, Monaghan was an operating executive at TPG and Cerberus Capital. Headquartered in Elyria, Ohio, Invacare is a maker of home and long-term care medical products that promote recovery and active lifestyles.

PRESS RELEASE

ELYRIA, Ohio–(BUSINESS WIRE)–Invacare Corporation (NYSE: IVC) announced today that it has appointed Matthew E. Monaghan as President and Chief Executive Officer, effective April 1, 2015. Mr. Monaghan’s appointment follows an extensive global search conducted by an executive search firm under the direction of the Invacare Board of Directors. Mr. Monaghan, 47, will join Invacare with a breadth of general management, medical device and turnaround experience within global companies. Robert K. Gudbranson will continue to serve as Interim President and Chief Executive Officer until Mr. Monaghan joins the Company, after which time Mr. Gudbranson will continue as Senior Vice President and Chief Financial Officer.

Mr. Monaghan currently serves as Senior Vice President and General Manager of Zimmer’s Global Hips business, where he is responsible for more than $1.3 billion in revenue and the division’s new product development, engineering, clinical studies, quality, regulatory affairs and marketing functions. Mr. Monaghan also oversees the company’s global reconstructive research group. Prior to joining Zimmer in 2009, he spent eight years as an operating executive for two leading private equity firms, Texas Pacific Group (TPG) and Cerberus Capital, where he led operational improvements of portfolio companies. Among the most notable were the carve-out of a global medical device business from Baxter Healthcare, making significant improvements at a U.S. personal insurance business and running a consumer durable goods business spun off from Newell-Rubbermaid.

”On behalf of the Board of Directors, I am pleased to welcome Matt as Invacare’s next President and CEO. Our Board conducted a thorough and comprehensive search over the past six months and unanimously concluded that Matt is best suited to lead Invacare through this critical time and into its next phase of growth and development. In addition to his medical device background, he has proven turnaround experience, which will be critical to Invacare as it works through its short-term challenges. We are fortunate to have someone with Matt’s broad cross-functional experience, and the Board looks forward to the results of partnering with the senior management team under Matt’s experience and leadership,” said Dr. C. Martin Harris, Interim Chairman of Invacare’s Board of Directors.

”I am honored to have been selected to lead Invacare at a time of unprecedented opportunity for the Company. Invacare is well positioned to take advantage of the growing global home healthcare market. I look forward to working closely with Invacare’s Board of Directors, executive team and talented and hard-working associates to continue to turnaround this business, innovate, and resume the Company’s historical market leadership position,” said Mr. Monaghan.

Added Dr. Harris, ”I want to thank Rob Gudbranson for the outstanding job he has done as Invacare’s Interim Chief Executive Officer. Under Rob’s direction, the Company has made progress on the quality systems remediation and continued to implement the business improvements necessary to begin to return the Company to profitability during this challenging time.”
The terms of Mr. Monaghan’s employment agreement will be described in a Current Report on Form 8-K to be filed by the Company on or about the date of this press release.

About Matthew Monaghan
In addition to his experiences at Zimmer, TPG and Cerberus, Mr. Monaghan spent the first 13 years of his career in aerospace manufacturing and engineering at General Electric. While at GE, he completed several assignments across operations, finance, quality, engineering and research. He also led a software business for GE Medical Computed Tomography (CT) systems where we was in charge of upstream product development, software engineering, sales and marketing. Prior to leaving GE, he led business development for a unit of GE Aircraft Engines. He holds a Bachelor’s degree in Mechanical Engineering from Cornell University, a Master’s degree in Mechanical Engineering from MIT and an MBA from INSEAD in France.

About Invacare
Invacare Corporation (NYSE:IVC), headquartered in Elyria, Ohio, is a global leader in the manufacture and distribution of innovative home and long-term care medical products that promote recovery and active lifestyles. The Company has 5,200 associates and markets its products in approximately 80 countries around the world. For more information about the Company and its products, visit Invacare’s website at www.invacare.com.