11/6/2012 8:34:49 AM
Wright Medical Group, which reported another quarterly drop in sales on Monday, announced it is splitting into two U.S. divisions in a move to to reverse the company's slumping fortunes. Wright will now have an orthopedic reconstruction group focused on its line of hip and knee products and it will have an extremities division focused on its growing foot and ankle products. Eric Stookey, now Wright's chief commercial officer, will be promoted to president of the extremities division. Timothy Davis, Wright's senior vice president for corporate development, will be president of the orthopedic reconstruction group. Each will report to a new chief operating officer, a position Wright leaders said is close to being filled. The restructuring will "better position our company to be a focused, growth-oriented operation," Wright CEO Robert Palmisano said in Monday's earning conference call.
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