BREAKING: Drive DeVilbiss Healthcare CEO steps down following debt restructure
Drive DeVilbiss Healthcare has announced that its CEO Bob Gilligan has stepped down and that the company’s Board of Directors has appointed former Dentsply Sirona executive Robert Size as the company’s new CEO.
Robert will assume day-to-day leadership of the company and will also join Drive’s Board of Directors.
“We thank Bob Gilligan for his leadership and valuable contributions to Drive,” said John Compton, Chairman of the Board of Directors. “We are confident that Bob Size will lead Drive into a phase of further growth and customer satisfaction.”
Robert comes to Drive after serving in various executive leadership roles at Dentsply Sirona, the world’s largest supplier of dental materials and equipment, over the past 15 years. With Dentsply Sirona, Robert had enterprise-wide executive and operating responsibilities, as well as responsibilities over both manufacturing operations and sales organizations located in the United States and Europe.
Before joining Dentsply, Robert served as CEO and President of Superior MicroPowders following a 16-year career with the Cookson Group PLC, where he held various cross-functional and international leadership positions.
“I am incredibly excited to assume this role and for the future of the company,” Robert commented. “I look forward to working with the team at Drive, building upon the company’s almost 20-year history of delivering great products and experiences for customers.”
The news of Drive’s new CEO comes following a liquidity crunch scare in September for the mobility and independent living manufacturing giant, with a report in the Wall Street Journal indicating that Drive DeVilbiss Healthcare had initiated discussions with its senior lenders to restructure its $600 million debt.
Shortly after the liquidity crunch scare, Drive DeVilbiss Healthcare confirmed it had agreed on a ‘consensual liquidity enhancing transaction,’ with the global supplier verifying it had agreed in principle to receive $35 million in new capital, alongside a reduction in cash debt service obligations from its current lenders.
In November 2019, with both turnover and gross profit up, Drive DeVilbiss Healthcare reported a £6.05 million loss in 2018.
However, Drive DeVilbiss Sidhil recently reported it had significantly increased its profit by 43 percent from the previous year to over £4 milllion for the year ended 31st December 2018.https://thiis.co.uk/breaking-drive-devilbiss-healthcare-ceo-steps-down-following-debt-restructure/https://i0.wp.com/thiis.co.uk/wp-content/uploads/2019/11/Bob-Gilligan.jpg?fit=700%2C700&ssl=1https://i0.wp.com/thiis.co.uk/wp-content/uploads/2019/11/Bob-Gilligan.jpg?resize=150%2C150&ssl=1New to the TeamSupplier NewsTrade Newsdrive,Drive CEO,Drive DeVilbiss healthcare,Drive DeVilbiss SidhilDrive DeVilbiss Healthcare has announced that its CEO Bob Gilligan has stepped down and that the company’s Board of Directors has appointed former Dentsply Sirona executive Robert Size as the company’s new CEO.Robert will assume day-to-day leadership of the company and will also join Drive’s Board of Directors.“We thank...Sarah SarsbySarah Sarsbysarah@thiis.co.ukAdministratorTHIIS Magazine