ARLINGTON, Tenn.--(BUSINESS WIRE)--Wright Medical Group, Inc. (NASDAQ: WMGI), a global orthopaedic medical device company and a leading provider of surgical solutions for the foot and ankle market, today announced that James A. Lightman has been named Senior Vice President, General Counsel and Secretary, effective immediately.
Lightman has more than two decades of corporate legal experience and brings a diverse skill set in managing complex legal and business matters for public and private healthcare and medical device companies. He has held chief legal officer positions with leading healthcare technology companies including Eyeonics, IntraLase, Summit Autonomous and Amicore. In addition, Lightman served as Vice President and Assistant General Counsel from February 2008 to November 2009 at Bausch + Lomb, where he most recently held the position of Vice President, Global Sales Operations until August 2011. During his career, Lightman has led strategic merger, acquisition and financing transactions totaling nearly $3 billion.
“Jim is an accomplished senior executive with a demonstrated history of value creation in public and private companies, and I’m delighted to welcome him to the Wright management team,” said Robert Palmisano, President and Chief Executive Officer of Wright Medical. “His deep experience and strong capabilities will be instrumental as we continue to drive our success in the orthopaedic and foot and ankle markets.”
Lightman holds a juris doctor degree cum laude from the Boston University School of Law and a bachelor's degree magna cum laude from the Boston University School of Management. He is a member of the Massachusetts Bar, the California Bar (MJP Program), the American Health Lawyers Association and the American Corporate Counsel Association.
Wright Medical also announced today that in connection with Mr. Lightman’s appointment as Senior Vice President, General Counsel and Secretary, and as an inducement to his employment with Wright, the Compensation Committee of its Board of Directors approved the grant of a stock option to Mr. Lightman to be made on December 29, 2011, to purchase up to 65,000 shares of Wright’s common stock at an exercise price of $16.23, which was the closing price of Wright's common stock on the day prior to grant. The stock option vests and becomes exercisable in four equal, annual installments beginning on the first anniversary of the grant, conditioned on Mr. Lightman’s continued employment. The stock option has a ten year term and is subject to the terms and conditions of the stock option agreement pursuant to which the option was granted.
This press release is being made in accordance with NASDAQ Listing Rule 5635(c)(4).
About Wright Medical
Wright Medical Group, Inc. is a global orthopaedic medical device company and a leading provider of surgical solutions for the foot and ankle market. The Company specializes in the design, manufacture and marketing of devices and biologic products for extremity, hip and knee repair and reconstruction. The Company has been in business for more than 60 years and markets its products in over 60 countries worldwide. For more information about Wright Medical, visit the Company’s website at www.wmt.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" as defined under U.S. federal securities laws. These statements reflect management's current knowledge, assumptions, beliefs, estimates, and expectations and express management's current views of future performance, results, and trends and may be identified by their use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," and other similar terms. Forward-looking statements are subject to a number of risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements. Such risks and uncertainties include the impact of Wright's settlement of the federal investigation into Wright's consulting arrangements with orthopaedic surgeons relating to its hip and knee products in the United States, including Wright's compliance with a Deferred Prosecution Agreement through September 2012 and a Corporate Integrity Agreement through September 2015, and those risks and uncertainties discussed in our filings with the Securities and Exchange Commission (including those described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2010, under the heading, "Risk Factors" and in Item 1A of Part II of our 10-Qs filed during 2011). Readers should not place undue reliance on forward-looking statements. Such statements are made as of the date of this press release, and we undertake no obligation to update such statements after this date.