Dane Miller to Retire
BY JOHN MCCORMICK, MARCH 27, 2006
This morning, legendary orthopedic CEO, Dane A. Miller, Ph.D., Biomet's President and Chief Executive Officer and co-founder, announced his decision to retire. He will remain a Director and serve as a consultant.
The Biomet Board has appointed Senior Vice President Daniel P. Hann, the Company's General Counsel and a member of the Board, to be President and Chief Executive Officer on an interim basis.
Viewed as an industry pioneer, Miller and friends founded Biomet in the late 1970's. Over the course of the last thirty years, Miller has created nearly $9 billion of value, $2 billion in revenue. He has been heralded as a pillar of rectitude both in the orthopedics industry and in the contentious area of corporate governance and CEO compensation.
Dr. Miller stated, "I believe in Biomet and its team members, and their ability to continue to deliver quality products and enhance shareholder value. As I begin a new stage in my life, I will always be grateful to have worked with the great people at Biomet and to have played a role in its growth and success."
This announcement comes on the heels of the 3Q:06 results where net sales increased 5% ($506 million vs. $482 million) compared to 3Q:05. As adjusted, net income for the quarter increased 4% ($106 milllion vs. $102 million) compared to a year ago. Spine growth at Biomet, even since the acquisition of Interpore, has been comparatively weak.
