News Flash: Resignation at Wright Medical
BY JOHN CHOPACK, OCTOBER 6, 2005
Laurence Y. Fairey's resignation as President and CEO of Wright Medical has been accepted by the board of directors. The resignation follows Wright's recent announcement that revenues would fall $4 million shy of its previous stated guidance for the 3Q:05 and that earnings-per-share would range approximately $0.07 shy of analyst's expectations. The preliminary earnings announcement caused the stock to drop 20% during trading yesterday.
In today's press release, Wright stated that Mr. Fairey was leaving the company to pursue other interests and that Barry Bays will act as interim CEO and President. Mr. Bays held these positions prior to Mr. Fairey.
