Biomet Announces Retirement of President and Chief Executive Officer, Dane A. Miller, Ph.D.; Daniel P. Hann, 17-Year Company Ve
March 27 2006 - 9:30AM
Business Wire
Biomet, Inc. (NASDAQ:BMET) The Board of Directors of Biomet, Inc.
announced today that Dane A. Miller, Ph.D., the Company's President
and Chief Executive Officer and a co-founder, has informed the
Board of his decision to retire and has resigned. He will remain a
Director and serve as a consultant. The 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. Scott Harrison, M.D., Lead Director, stated,
"Biomet is a true American success story, and Dr. Miller's
extraordinary vision, talent and leadership over the course of
nearly three decades has been central to its progress and
development. He and his co-founders built this Company into a
worldwide leader in the design and manufacture of reconstructive
products with revenues of nearly $2 billion in the fiscal year
ended May 31, 2005, strong values and organizational standards.
What Dr. Miller and his team have achieved is truly remarkable."
Niles L. Noblitt, Chairman of the Board, added, "The Board shares
my confidence in the selection of Mr. Hann, a talented and
results-oriented executive with more than 17 years at Biomet, to
lead the Company during this period. He knows the Company
intimately, shares our commitment to building shareholder value,
and is well positioned to move the Company forward," concluded Mr.
Noblitt. "The Biomet team has built a great company through its
passion for engineering excellence and innovation," said Mr. Hann.
Mr. Hann continued, "Biomet will remain true to its heritage and I
believe we are well positioned to capitalize on the momentum of our
successful exhibition at the recent American Academy of Orthopaedic
Surgeons' Annual Meeting, at which the Company introduced over 100
new products." 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." Dr.
Miller, 60, was one of the four founders of Biomet and has been
President, Chief Executive Officer and a Director of the Company
since its formation in 1977. Mr. Hann, 50, joined Biomet in 1989 as
an officer and Director. He is a member of the NASDAQ Listing and
Hearing Review Council of the NASDAQ Stock Market, Inc. He received
his B.S. from California State University, Fullerton, his M.S. from
the University of Illinois, and his J.D. from Indiana University.
In conjunction with today's announcement, you are invited to listen
to a conference call that will be broadcast live over the internet
today at 1:00 p.m. Eastern Time. The live webcast of Biomet's
conference call will be accessible through Biomet's website at
www.biomet.com (Investor Section) and at www.streetevents.com. The
webcast will be archived on both websites for future on-demand
replay. Individuals wishing to listen to the call via phone may
dial 800-475-3716. The confirmation number for the call is 9274638.
Biomet, Inc. and its subsidiaries design, manufacture and market
products used primarily by musculoskeletal medical specialists in
both surgical and non-surgical therapy. The Company's product
portfolio encompasses reconstructive products, including orthopedic
joint replacement devices, bone cements and accessories, and dental
reconstructive implants; fixation products, including electrical
bone growth stimulators, internal and external orthopedic fixation
devices, craniomaxillofacial implants and bone substitute
materials; spinal products, including spinal stimulation devices,
spinal hardware and orthobiologics; and other products, such as
arthroscopy products and softgoods and bracing products.
Headquartered in Warsaw, Indiana, Biomet and its subsidiaries
currently distribute products in more than 100 countries. For
further information contact Greg W. Sasso, Vice President,
Corporate Development and Communications at (574) 372-1528 or
Barbara Goslee, Manager, Corporate Communications at (574)
372-1514. This press release contains certain statements that are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended. Although the Company believes
that the assumptions, on which the forward-looking statements
contained herein are based, are reasonable, any of those
assumptions could prove to be inaccurate given the inherent
uncertainties as to the occurrence or non-occurrence of future
events. There can be no assurance that the forward-looking
statements contained in this press release will prove to be
accurate. Some of the factors that could cause actual results to
differ from those contained in forward-looking statements made in
this press release include the success of the Company's principal
product lines and reorganization efforts with respect to its EBI
operations, the Company's ability to develop and market new
products and technologies in a timely manner, government
regulation, currency exchange rate fluctuations, reimbursements
from third party payors, litigation, revenue and earnings
estimates, and other risk factors as set forth from time to time in
the Company's filings with the SEC. The inclusion of a
forward-looking statement herein should not be regarded as a
representation by the Company that the Company's objectives will be
achieved. The Company undertakes no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise. All of Biomet's financial information
may be obtained on our website at www.biomet.com or you may contact
us by e-mail at investor.relations@biometmail.com.
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