Merit Medical Announces Resignation of President, Joseph Wright

Rhea-AI Summary

Merit Medical Systems (NASDAQ: MMSI) announced the resignation of President Joseph C. Wright, effective January 3, 2025, following allegations regarding his conduct that were investigated by independent directors and counsel. The allegations were unrelated to Merit's operations or financial performance. Fred P. Lampropoulos has been re-appointed as Merit's President. Merit Medical, founded in 1987, is a global healthcare technology company specializing in proprietary disposable medical devices for interventional, diagnostic, and therapeutic procedures. The company employs approximately 7,200 people worldwide and maintains a sales force and clinical support team of over 700 individuals serving hospitals globally.

Positive

• Quick leadership transition with immediate re-appointment of experienced former president
• Allegations unrelated to company operations and financial performance
• Maintains stable workforce of 7,200 employees and 700+ sales/support staff

Negative

• Sudden executive leadership change could create short-term organizational uncertainty
• Potential reputational impact from president's conduct-related resignation

News Market Reaction

-3.24%

1 alert

-3.24% News Effect

On the day this news was published, MMSI declined 3.24%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SOUTH JORDAN, Utah, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI) (“Merit” or the “Company”), a global leader of healthcare technology, today announced the resignation of its President, Joseph C. Wright, effective January 3, 2025.

The Company noted that prior to Mr. Wright’s resignation, Merit had received notice of allegations regarding his conduct, which Merit’s independent directors investigated with the assistance of independent counsel. The allegations were unrelated to Merit’s operations or financial performance.

Based upon Mr. Wright’s resignation, Merit’s Board of Directors has re-appointed Fred P. Lampropoulos as Merit’s President.

ABOUT MERIT MEDICAL Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture, and distribution of proprietary disposable medical devices used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care, and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force and clinical support team totaling more than 700 individuals. Merit employs approximately 7,200 people worldwide. 

CONTACTS 
PR/Media Inquiries 
Sarah Comstock 
Merit Medical 
+1-801-432-2864 | sarah.comstock@merit.com 

FAQ

When will Merit Medical (MMSI) President Joseph Wright's resignation take effect?

Joseph Wright's resignation from Merit Medical will take effect on January 3, 2025.

Who will replace Joseph Wright as President of Merit Medical (MMSI)?

Fred P. Lampropoulos has been re-appointed as Merit Medical's President following Wright's resignation.

What led to Joseph Wright's resignation from Merit Medical (MMSI)?

Wright's resignation followed allegations regarding his conduct, which were investigated by Merit's independent directors with assistance from independent counsel.

Were the allegations against Merit Medical's (MMSI) President related to company operations?

No, the allegations were explicitly stated to be unrelated to Merit's operations or financial performance.

How many employees does Merit Medical (MMSI) currently have?

Merit Medical currently employs approximately 7,200 people worldwide, including a sales force and clinical support team of over 700 individuals.