Ronald A. Matricaria is the new Director and Chairman of the Texas-based Orthofix International, a global medical device company that specializes in developing and delivering innovative orthopedic solutions worldwide. Kathleen Regan, who has served as Interim Chair since January, will continue in the company as an independent director and Chair of the Nominating and Governance Committee.
Last November and December, Orthofix International announced the appointment of three new members to their board of directors, of which, Kathleen Regan was one of them. “On behalf of the Board of Directors, I am delighted to welcome Ron as Chairman,” said the ex-Interim Chair. According to Regan, Matricaria’s wealth of experience as an executive and director in the medical device industry will be instrumental in successfully building the company to the next level. “I see this significant event as an example of the efforts being made to position the Company for long-term stability and growth,” she added.
The Texas-based company will be required to request and attend a hearings panel to remain in the NASDAQ Stock Market pending the completion of the company’s auditing and filing of previous financial reports. In February, Orthofix had announced some updates regarding the company’s listing status with the index and has already stated that it has been working to prepare financial restatement into NASDAQ and submitting the necessary delinquent reports. The goal is to complete the process until the end of the first quarter of 2014.
Last July, Orthofix delayed the public release of its financial results for the 2013 second quarter. The company has also announced a conference call for the discussion of these reports, as well as management’s Business Analysis and Key Strategic Initiatives Update. Due to this delay, the company had to file a Form 12b-25 (Notification of Late Filing) with the Securities and Exchange Commission.