Michael N. Cannizzaro has been hired as Vice Chairman, President, and Chief Executive Officer of Sunrise Medical. He is described as an executive with significant experience in successfully leading healthcare businesses, and will also join the company’s Board of Directors. His recent experience includes six years at J.W. Childs Associates, a Boston, MA private equity firm. Prior to that he was President and Chief Executive Officer of Beltone Electronics from 1998 until June 2000 when he sold the company to GN ReSound.
This comes shortly on the heels of the announcement by Sunrise to split its business into two parts – Sunrise Mobility and Devilbiss Healthcare.
“Jim Elrod, Managing Director at Vestar Capital Partners – the major Sunrise shareholder (who took Sunrise private in 2000) and is a major equity investor in Sunrise, commented, “Success in today’s healthcare environment requires a solid understanding of underlying clinical solutions, reimbursement, competitive dynamics, and the changing patterns of distribution. We are very pleased to attract someone with Mike Cannizzaro’s experience. Mike has the ability to build upon the solid foundation that Mike Hammes developed in creating highly attractive, focused businesses from the historical operations of Sunrise Medical.””
The full release is here
“Sunrise Medical Appoints Healthcare Industry Veteran as Vice Chairman, President, and Chief Executive Officer
Michael N. Cannizzaro to Lead the Newly Separated Sunrise Mobility and DeVilbiss Healthcare Units
CARLSBAD, Calif.–(BUSINESS WIRE)–Michael N. Hammes, Chairman of Sunrise Medical, Inc., today announced the appointment of Michael N. Cannizzaro as Vice Chairman, President, and Chief Executive Officer. Cannizzaro, an executive with significant experience in successfully leading healthcare businesses, will also join the company’s Board of Directors.Cannizzaro has served as Chief Executive Officer of several healthcare businesses including Insight Health Services, National Nephrology Associates and Beltone Electronics Corporation. Most recently, he was Operating Partner at J.W. Childs Associates, a Boston, MA private equity firm where he advised on the acquisition and management of a variety of healthcare companies.
Hammes commented, “We are greatly pleased to be able attract an executive of the caliber and experience of Mike Cannizzaro. The timing of Mike’s appointment relates directly to the evolution of our business strategy and direction.”
In May 2007 the company announced it will operate as two separate organizations – Sunrise Mobility and DeVilbiss Healthcare. Cannizzaro will be directly responsible for leading the Mobility business which operates through the industry leading brands of Quickie, Sopur and Jay as well as the recently integrated A.R.T Operations (Artistry in Rehab Technology). In addition, he will oversee DeVilbiss Healthcare, which will continue to be managed by Kees Regeling, its President and CEO.
“Since the time of our going private we have significantly improved our cost and market positions,” Hammes said. “As a further strategic evolution, we determined that creating separate, focused businesses would improve long term prospects and management focus. This has been the driving force behind our spin-offs of DynaVox Systems and Joerns Healthcare as well as the creation of separate organizations for Sunrise Mobility and DeVilbiss Healthcare.”
“I am delighted to join an organization with such a great collection of brands, intellectual property, and talented individuals,” said Cannizzaro. “Mike Hammes has done a great job in creating strong, focused businesses and I look forward to developing these businesses into even stronger global competitors.”
Jim Elrod, Director of Sunrise Medical and Managing Director of Vestar Capital Partners, a significant equity investor in Sunrise, commented, “Success in today’s healthcare environment requires a solid understanding of underlying clinical solutions, reimbursement, competitive dynamics, and the changing patterns of distribution. We are very pleased to attract someone with Mike Cannizzaro’s experience. Mike has the ability to build upon the solid foundation that Mike Hammes developed in creating highly attractive, focused businesses from the historical operations of Sunrise Medical.”
About Sunrise Medical
Sunrise Medical is a world leader in the manufacture and marketing of medical products that address the recovery, rehabilitation, and mobility needs of consumers in institutional and homecare settings. Sunrise Medical products are manufactured in North America, Europe, and Asia and are distributed in more than 100 countries around the world. “
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I would like my company to be the distributor of medical products here in Zambia,southern Africa.