Invacare Corporation Announces Interim Chairman of the Board of Directors
22 December 2014 - 11:30PM
Business Wire
Invacare Corporation (NYSE:IVC) announced today that C. Martin
Harris, M.D., has been appointed interim Chairman of the Company’s
Board of Directors.
''On December 21, 2014, we recognized the retirement of Mal
Mixon, who has been a driving force behind the success and legacy
of Invacare Corporation. As the Board of Directors considers a new
chairman and continues the search for the future chief executive
officer of the organization, we believe it is appropriate to have
an interim Chairman role. As Lead Director, it is a natural
transition for me to accept these responsibilities and I look
forward to continuing to work with the Board and senior management
team as we focus on key issues critical to the Company,'' said Dr.
Harris.
Dr. Harris, 58, joined Invacare as a director in 2003 and was
appointed Invacare’s Lead Director effective May 17, 2012. As Chief
Information Officer and Chairman of the Information Technology
Division of the Cleveland Clinic Foundation in Cleveland, Ohio, Dr.
Harris brings a wealth of healthcare, business and information
technology-related leadership experience to Invacare.
Dr. Harris steps into the interim Chairman role upon the
retirement of A. Malachi Mixon, III, who retired as Executive
Chairman of the Board of Directors, effective December 21, 2014.
Mixon will continue his responsibilities as a non-employee member
of the Board until the 2015 annual meeting when the Company will
nominate him for one additional term after which he will reach the
Board’s mandatory retirement age of 75.
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.
This press release contains forward-looking statements within
the meaning of the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Terms such as ''will,''
''should,'' ''could,'' ''plan,'' ''intend,'' ''expect,''
''continue,'' ''believe'' and ''anticipate,'' as well as similar
comments, denote forward-looking statements that are subject to
inherent uncertainties that are difficult to predict. Actual
results and events may differ significantly from those expressed or
anticipated as a result of risks and uncertainties, which include,
but are not limited to, the following: legal actions, including
adverse judgments or settlements of litigation or claims in excess
of available insurance limits; regulatory proceedings or the
Company's failure to comply with regulatory requirements or receive
regulatory clearance or approval for the Company's products or
operations in the United States or abroad; adverse effects of
regulatory or governmental inspections of Company facilities and
governmental enforcement actions; product liability or warranty
claims; product recalls, including more extensive recall experience
than expected; compliance costs, limitations on the production
and/or distribution of the Company's products, inability to bid on
or win certain contracts, unabsorbed capacity utilization,
including fixed costs and overhead, or other adverse effects of the
FDA consent decree of injunction; any circumstances or developments
that might further delay or adversely impact the results of the
final, most comprehensive third-party expert certification audit or
FDA inspection of the Company's quality systems at the Elyria,
Ohio, facilities impacted by the FDA consent decree, including any
possible requirement to perform additional remediation activities
or further resultant delays in receipt of the written notification
to resume operations (which could have a material adverse effect on
the Company's business, financial condition, liquidity or results
of operations); the failure or refusal of customers or healthcare
professionals to sign verification of medical necessity (VMN)
documentation or other certification forms required by the
exceptions to the FDA consent decree; possible adverse effects of
being leveraged, including interest rate or event of default risks,
including those relating to the Company's financial covenants under
its credit facility (particularly as might result from the impacts
associated with the FDA consent decree even in light of the new
credit agreement amendment); the Company's inability to satisfy its
liquidity needs, including efforts to establish a new credit
agreement, or additional costs to do so; adverse changes in
government and other third-party payor reimbursement levels and
practices both in the U.S. and in other countries (such as, for
example, more extensive pre-payment reviews and post-payment audits
by payors, or the Medicare National Competitive Bidding program);
impacts of the U.S. Affordable Care Act of 2010 (such as, for
example, the impact on the Company of the excise tax on certain
medical devices, which began on January 1, 2013, and the Company's
ability to successfully offset such impact); ineffective cost
reduction and restructuring efforts or inability to realize
anticipated cost savings or achieve desired efficiencies from such
efforts; delays, disruptions or excessive costs incurred in
facility closures or consolidations; exchange rate or tax rate
fluctuations; inability to design, manufacture, distribute and
achieve market acceptance of new products with greater
functionality or lower costs or new product platforms that deliver
the anticipated benefits; consolidation of health care providers;
lower cost imports; uncollectible accounts receivable; difficulties
in implementing/upgrading Enterprise Resource Planning systems;
risks inherent in managing and operating businesses in many
different foreign jurisdictions; decreased availability or
increased costs of materials which could increase the Company's
costs of producing or acquiring the Company's products, including
possible increases in commodity costs or freight costs; heightened
vulnerability to a hostile takeover attempt arising from depressed
market prices for Company shares; provisions of Ohio law or in the
Company's debt agreements, shareholder rights plan or charter
documents that may prevent or delay a change in control, as well as
the risks described from time to time in the Company's reports as
filed with the Securities and Exchange Commission. Except to the
extent required by law, the Company does not undertake and
specifically declines any obligation to review or update any
forward-looking statements or to publicly announce the results of
any revisions to any of such statements to reflect future events or
developments or otherwise.
Invacare CorporationLara Mahoney, 440-329-6393
Invacare (NYSE:IVC)
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