Name: Massimo Calafiore
New title: President and chief executive officer, Orthofix
Previous title: CEO, LimaCorporate
Orthofix Medical, the spine and orthopedic device maker that in September fired its CEO, CFO and chief legal officer, on Tuesday said it named industry veteran Massimo Calafiore to be its incoming president and CEO.
Calafiore is expected to join Orthofix in early 2024, after Italy-based LimaCorporate completes its previously announced acquisition by medtech company Enovis, Orthofix said.
“Having worked in orthopedics and spine throughout my entire career, I know Orthofix well and have long admired the Company and its talented team,” Calafiore said in a statement. “At this pivotal time for the Company, I look forward to working with the Board and leadership team to capture Orthofix’s significant profitable growth potential.”
Orthofix praised the executive for a career-long commitment to operating excellence, ethical integrity and the values of diversity, equity and inclusion. Calafiore became CEO of LimaCorporate in September 2022. Before that, he was executive vice president and chief commercial officer of NuVasive, which has been acquired by Globus Medical.
“He has successfully driven sales and commercial operations to achieve both industry leading profitability and growth. Importantly, he has proven experience integrating companies and building high performing teams,” Catherine Burzik, Orthofix board chair and interim CEO, said in the statement.
Orthofix is in the process of integrating its own acquisition. It bought SeaSpine Holdings in January, and Keith Valentine, SeaSpine’s CEO since 2015, became CEO of Orthofix.
Calafiore’s appointment comes after Orthofix announced in September that it terminated Valentine’s employment, along with that of former CFO John Bostjancic and former Chief Legal Officer Patrick Keran, because of “repeated inappropriate and offensive conduct.”
Details of the conduct that preceded the firings have not been disclosed. But in a 10-Q filing earlier this month, Orthofix said an investigation conducted by outside legal counsel at the request of the company’s board resulted in the termination of the three executives and increased the company’s costs by about $3.4 million in the third quarter.
News of the firings sent shares of Orthofix tumbling 30% on Sept. 12. The stock has continued its downturn, shedding another 13.7% since then to close at $11.23 Tuesday on the Nasdaq.