Wright Medical Group, Inc. has induced Daniel Garen to take over the organization’s beleaguered compliance program and immediately become Senior Vice President and Chief Compliance Officer of the company.
Garen has a lot of experience in implementing and managing corporate compliance programs, according to the company announcement on January 30. To induce Garen to join the company, the Compensation Committee of the company’s board approved the grant of a stock option to purchase up to 50,000 shares of the company’s common stock for the current trading price (around $17 per share).
The management of the company’s compliance program is getting public scrutiny as former senior employees terminated during the compliance program have sued the company, charging mismanagement of the program. Garen replaces Lisa Michels, the company’s previous compliance officer, who was also removed from her position several months ago and left the company.
Robert Palmisano, Wright’s new president and CEO noted that the organization has made “significant improvements” to the company’s compliance policies and procedures “over the past several months.”
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