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."