USA- Invacare has made changes to its senior management in an effort to address supply chain concerns and improve the company’s financial performance.

Matthew Monaghan, former chairman and CEO who was appointed in 2015 to turn around Invacare, left the organization on August 28.

According to a statement released by the American medical products manufacturer, Geoffrey Purtill, general manager for EMEA and APAC, will act as interim president and CEO.

Cliff Nastas, Invacare’s lead independent director, said that the board determined that now is the right time for a change in leadership to oversee the successful execution of Invacare’s business transformation.

In his statement, Nastas welcomed Geoffrey who has distinguished himself throughout his tenure with Invacare.

He further noted that the Board had full confidence that Geoffrey has the right skill set and industry experience to lead the company through this transition as they search for a permanent successor.

“We thank Matt for his years of service. We look forward to having Geoff advance our strategic initiatives,” said Cliff.

Michael Merriman, Jr. was added to the board of the firm to take over for Nastas as the lead independent director.

As part of a deal with its biggest investor, Invacare has also been making changes to its board of directors.

On August 22, the business agreed to cooperate with Azurite Management, which as of June 30 owned more than 10.3% of its shares.

As a condition of the agreement, Invacare replaced two of the eight board members by electing Steven Rosen and Edward Crawford as two new independent directors.

Michael Merriman, Jr. was added to the board of the firm to take over for Nastas as the lead independent director.

“We are excited to welcome Mike Merriman back to the Board and know that his leadership, financial and business management acumen and experience in transforming underperforming businesses will be invaluable to the Board as we transform Invacare,” said Mr. Nastas.

From 2014 to 2018, Merriman served on the Invacare board as an operating advisor for the private equity fund Resilience Capital Partners. Invacare now has seven of its eight directors who are independent.

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