Dive Brief:
- Zimmer Biomet CEO Bryan Hanson is leaving the orthopedic device maker to lead 3M’s health business, the companies announced Tuesday.
- Hanson will become CEO of 3M’s Health Care Business Group starting Sept. 1, as 3M looks to spin off the segment by the end of 2023 or early 2024.
- At Zimmer Biomet, COO Ivan Tornos was immediately promoted to lead the company and join its board of directors.
Dive Insight:
With leadership set for its health segment, 3M is one step closer to completing the planned spinoff. The healthcare business group, which includes wound care, health IT and biopharma filtration, reported $8.4 billion in sales last year.
Hanson was selected to lead the new business because “his industry expertise, ability to drive growth, and track record of building a strong culture and teams will make an immediate impact,” 3M CEO Mike Roman said in a statement.
Hanson has been CEO of Zimmer Biomet since 2017, where he led a turnaround of the company and the spinoff of its spine and dental businesses. Before that, he led Medtronic's Minimally Invasive Therapies Group.
3M made two other notable appointments. Carrie Cox, former CEO of Humacyte, will serve as chairman of the board for the healthcare business. Monish Patolawala will become CFO of 3M, and will oversee separation management for the upcoming spinoff.
Zimmer Biomet leadership
Tornos is the new CEO of Zimmer Biomet, effective immediately, the company announced on Tuesday. Tornos has been COO of the company since 2021 and has worked there since 2018. Before that, he was president of Becton Dickinson’s Global Urology, Medical and Critical Care Division.
“We believe Mr. Tornos is well positioned to take over the CEO position given his trajectory through the company from Group President of Orthopedics in 2018 to COO in 2021, with a positive response also likely from investors as he’s maintained a well-liked, client-facing presence over the course of his tenure,” J.P. Morgan analyst Robbie Marcus wrote in a research note on Tuesday.
CFO Suketu Upadhyay’s role was expanded to include responsibility for Zimmer Biomet’s global operations and supply chain, and independent director Christopher Begley became chairman of the board.
Begley said Tornos’ “deep expertise in the medtech sector, commercial prowess and proven leadership experience make him the ideal leader for Zimmer Biomet as we move into our next phase of innovation and growth.”
