A couple of weeks ago, Lanx made an announcement that Michael DeMane was taking over as Chairman and CEO of the company. This was widely viewed as a terrific move for a company. An announcement went out today that he has decided against joining the company. So what happened?
From what I have been able to gather, during the evaluation period of DeMane’s courtship, Lanx management put the cart before the horse and announced him as their new Chief Executive. After he peeled back the onion a little, DeMane realized that there were areas of concern. He apparently elected to not accept the position.
Here is how Lanx announced the change today:
“Lanx, Inc., a privately held medical device company focused on developing and commercializing innovative devices for spinal surgery, announced today that Michael DeMane has declined to assume the role of Chairman and Chief Executive Officer, and will assist the Company as a consultant. Dr. Jeffrey Thramann, Co-founder, will remain Chairman of the Board of Directors.”
So what’s going on at Lanx that would make a guy like Michael DeMane not want to be responsible for leading the organization?
Join the discussion below.