Wright Medical Group names new CEO

Wright Medical Group, Inc. has announced that Laurence Y. Fairey, who has been a member of the board of directors of the company since January 2004, will become President and Chief Executive Officer effective July 1, 2004 and will remain a member of the board. F. Barry Bays, the current President and CEO, will become the Executive Chairman of the board..

Commenting on the announcement, Mr. Bays said, "I am very proud of the success our team has had in establishing Wright as a significant player in the orthopaedic industry and in positioning the company for continued future success. I am particularly pleased to have witnessed the benefits that Wright has provided to the many patients who have received our innovative reconstructive devices and biologic products over the past several years. I look forward to my new responsibilities as the Executive Chairman of the board of directors. This new role will allow me to continue my direct involvement in the business and contribute to the strategy and direction of Wright, while reducing my overall time commitment. I am confident that Laurence, with the talent and experience he brings, will ensure the continuation of our employee and management strengths, product innovation and the market expansion strategies that have fostered our success."

Mr. Fairey, age 53, is an accomplished medical device executive with 27 years of service in the orthopaedic industry. He served in several executive capacities at Medtronic Sofamor Danek, Inc., and its predecessor company, Sofamor Danek Group, Inc., from 1990 until his retirement in 2000, including Executive Vice President and Chief Financial Officer, President of International and, most recently, President of Neurologics. Prior to joining Sofamor Danek, Mr. Fairey held both financial and operational executive positions during an 18-year tenure with Smith & Nephew Richards, Inc., and its predecessor, Richards Medical Company, Inc.

"While I am taking the reigns as CEO and look forward to my new leadership role, the core executive management team remains unchanged," Mr. Fairey said. "Barry has provided Wright Medical with strategic vision and exceptional leadership which are crucial in achieving worldwide commercial success and new product innovations. Working together with Barry and the rest of the management team, I am confident in achieving our growth objectives and financial milestones while continuing to build the company's product portfolio."