SAN ANTONIO--(BUSINESS WIRE)--The Board of Directors of the parent company for Kinetic Concepts, Inc. today announced the completion of the transition responsibilities of Catherine M. Burzik, President and Chief Executive Officer of KCI. Since the closing of the going-private transaction with Apax Partners, and controlled affiliates of Canada Pension Plan Investment Board and the Public Sector Pension Investment Board, Ms. Burzik has been working closely with the Board of Directors and the KCI executive team to transition leadership responsibilities, which has been achieved in an accelerated timeframe. In connection with the completion of the transition plan, Ms. Burzik will be departing KCI on January 4, 2012.
Upon Ms. Burzik’s departure, Martin J. Landon will serve in the capacity of Interim Chief Executive Officer, and will maintain his current responsibilities as Executive Vice President and Chief Financial Officer. The Board of Directors will be working closely with Mr. Landon and the KCI executive leadership team to ensure a strong start to 2012 to build on the company’s track record of success, with a focus on operational efficiency and strong cash flows.
“I have every confidence that KCI’s legacy of delivering life-enhancing products and therapies to patients and caregivers, as well as outstanding returns to investors, will continue well into the future,” said Ms. Burzik. “I will leave KCI with a great deal of pride and honor to have been part of a company with so many outstanding professionals who never waver from their commitment to the medical community, to patients and to one another.”
“KCI has enjoyed tremendous success since Cathy joined the Company in 2006,” said Buddy Gumina, Chairman of the Board of Directors. “On behalf of KCI and its employees, as well as the millions of patients around the world that have benefited from KCI products and therapies during her tenure, we offer Cathy our unqualified gratitude for her dedicated service and wish her every success in the future.”
“As we offer Cathy our thanks and best wishes, we look forward to entering 2012 as a private company,” said Mr. Landon. “KCI is committed to maintaining its focus on delivering innovative products and therapies to improve the lives of patients and the practice of medicine around the world.”
Kinetic Concepts, Inc. is a leading global medical technology company devoted to the discovery, development, manufacture and marketing of innovative, high-technology therapies and products for the wound care, tissue regeneration and therapeutic support system markets. Headquartered in San Antonio, Texas, KCI's success spans more than three decades and can be traced to a history deeply rooted in innovation and a passion for significantly improving the healing and the lives of patients around the world. The company employs approximately 7,100 people and markets its products in more than 20 countries. For more information about KCI and how its products are changing the practice of medicine, visit www.KCI1.com.
About Apax Partners
Apax Partners is one of the world's leading private equity investment groups. It operates across the United States, Europe and Asia and has more than 30 years of investing experience. Funds under the advice of Apax Partners total over $40 billion around the world. These Funds provide long-term equity financing to build and strengthen world-class companies. Apax Partners Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services. For more information about Apax Partners, please visit www.apax.com.
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board ("CPPIB") is a professional investment management organization that invests the funds not needed by the Canada Pension Plan ("CPP") to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At June 30, 2011, the CPP Fund totaled C$153.2 billion. For more information about CPPIB, please visit www.cppib.ca.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is a Canadian Crown corporation established to manage investments for the pension funds of the Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. PSP Investments manages a diversified global portfolio including stocks, bonds and other fixed-income securities, and investments in Private Equity, Real Estate, Infrastructure and Renewable Resources. As at March 31, 2011, assets under management totalled over $58 billion. For more information about PSP Investments, visit www.investpsp.ca.
This press release may contain "forward-looking statements." These forward-looking statements are only predictions, not historical facts, and involve significant risks and uncertainties, as well as assumptions and are not guarantees of future performance. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Actual results, levels of activity, performance, achievements and events could differ materially from those currently stated, anticipated or implied due to a number of risks and uncertainties. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, and the Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, including under headings such as "Special Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and in other filings and furnishings made by the Company with the SEC from time to time. Except to the extent required by applicable federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.