Orthofix Medical Appoints Massimo Calafiore to Serve as President and CEO

Orthofix Medical announced the appointment of industry veteran Massimo Calafiore as the incoming President and CEO. This decision follows the dismissal of Orthofix’s previous CEO, CFO, and Chief Legal Officer in September.

Calafiore is expected to assume his role at Orthofix in early 2024, subsequent to the completion of LimaCorporate’s acquisition by Enovis as disclosed by Orthofix.

The decision to appoint Calafiore follows Orthofix’s September announcement terminating the employment of Keith Valentine, SeaSpine Holdings’ former CEO, alongside former CFO John Bostjancic and former Chief Legal Officer Patrick Keran due to reported inappropriate conduct. However, specific details about the conduct leading to their dismissals have not been disclosed publicly.

Orthofix revealed in a 10-Q filing that an investigation carried out by external legal counsel, at the board’s request, led to the terminations and increased the company’s costs by approximately $3.4 million in the third quarter. The announcement of these dismissals caused a significant decline in Orthofix’s stock price, dropping by 30% on September 12, and has continued to decrease, dropping an additional 13.7% since then, closing at $11.23 on the Nasdaq on Tuesday.

Orthofix praised Calafiore for his commitment to operational excellence, ethical integrity, and values promoting diversity, equity, and inclusion. Calafiore previously served as CEO of LimaCorporate from September 2022 and held the position of executive vice president and chief commercial officer at NuVasive, which was later acquired by Globus Medical.

Catherine Burzik, Orthofix’s board chair and interim CEO, commended Calafiore’s track record, while Calafiore expressed his anticipation for this new role.

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