On June 24, 2021, Princeton-based —Integra LifeSciences Holdings (IART) announced that President and CEO Peter Arduini will be stepping down in order to become the new President and CEO of GE Healthcare. The IART Board reported that they have initiated a candidate search to fill the role.
This is an especially significant move for Arduini, given the fact that GE Healthcare generates approximately $18 billion in annual sales versus IART’s roughly $1.5 billion. Arduini will remain in his leadership role through 2021 or until a subsequent President and CEO is named.
Integra Board of Directors Chairman Stuart Essig told OTW, “Pete has been instrumental in transforming and shaping Integra into the company it is today—a mission-driven organization positively impacting the lives of millions of patients. His tenure has been exciting and rewarding, and his personal decision comes at a time when Integra is experiencing great momentum and is extremely well-positioned strategically, operationally, and financially. Our board is committed to identifying a highly-qualified successor exemplifying Integra’s company values, who will lead Integra in its next phase of expansion and profitable growth.”
Arduini has served as President and CEO of Integra LifeSciences since 2012. Arduini’s previous career experience includes acting as corporate vice president and president of Medication Delivery at Baxter Healthcare, working in senior leadership roles at GE Healthcare, and work in sales and marketing at Procter and Gamble. He holds a BA in marketing from Susquehanna University as well as a master’s degree in management from Northwestern University’s Kellogg School of Management.
Integra LifeSciences was founded in 1989 and today employs 3,700 globally. Integra produces a comprehensive portfolio of regenerative tissue technologies, surgical instruments, wound care products and neurosurgical products. Integra products are used in ICU and surgical units worldwide, and include tools such as AmnioExcel®, CerebroFlo®, Bactiseal®, DuraSeal®, DuraGen®, ICP Express®, MatriStem UBM™, Integra®, SurgiMend®, MediHoney®, and VersaTru®.
GE Healthcare, a subsidiary of General Electric, is a leader in global medical technology with roughly 50,000 employees worldwide. The company began innovating in healthcare technology with the development of X-rays in 1948. By 1964, GE expanded into medical electronic development. GE Healthcare reported over $18 billion in revenue in 2020, invests $1 billion in research and development annually and operates in 160 countries.
“It has been a privilege and honor to serve as Integra’s President and CEO since 2012 and to work alongside this talented and passionate team. Together, we have accomplished much, including global leadership in neurosurgery with some of the most recognized brands in plastic and reconstructive surgery, and an innovative pipeline to accelerate future growth,” said Peter Arduini. “I want to personally thank Stuart and the Board for their invaluable guidance and unwavering partnership over the years, as well as our colleagues, customers, and shareholders for their trust and support. The future is bright for Integra, and I look forward to the many successes this organization will achieve in the years to come.”
Following the announcement, IART stock began trading down 3%, likely as a result of the transition. Integra has, however, stated that the company believes previous financial targets for 2021 are still achievable.
