Ortho President David Floyd Resigning from DePuy
BY LAUREN UZDIENSKI, MARCH 8, 2011
Bloomberg reported on Friday that David Floyd plans to step down from his role as worldwide president of DePuy Orthopaedics at the end of this month. Mr. Floyd, who has been in the role since 2007, intends to "pursue interests outside the company."
No further reason was given for Mr. Floyd's departure, though the news comes amid ongoing challenges for the company's hip division. Metal-on-metal hips have been dogged for the past year over concerns about wear debris, and the company's ASR XL Acetabular hip system was recalled last August after the system became associated with a higher-than-expected revision rate. On their January 25 earnings call, the company announced that sales in the orthopedics business declined 1% during the fourth quarter of 2010, with hip down 6% worldwide and 12% in the U.S. JNJ also took a $280 million charge for the quarter associated with costs from the ASR recall.
