David Floyd is a global medical technology leader serving as a corporate director and advisor, following 32-year career as a medical device industry executive. Substantial Board experience in both public and private companies, with a focus on governance, strategy development, commercialization, and M&A. Current NACD Governance Fellow, and Director and Chair, Nominating & Governance Committee for NN Inc., a NASDAQ-traded diversified industrial company. During career as a full-time operating executive, successfully led medical device businesses ranging from a pre-revenue start-up to a multi-divisional corporate group with over $5 billion in revenue.
During career as a full-time operating executive, successfully led medical device businesses ranging from a pre-revenue start-up to a multi-divisional corporate group with over $5 billion in revenue. Developed transformational strategies, facilitated organizational alignment and drove initiatives that delivered accelerated top line growth and robust operating results. Broad experience in leading large, complex businesses, turnarounds, M&A and post-merger integration, and resolving significant regulatory and legal challenges. Known for being objective and fact-based, and recruiting and building strong management teams and winning cultures.
- Delivered superior revenue, profit and share growth globally across Stryker’s $5 billion group of orthopedic and spine businesses consistently over six years.
- Built new growth platforms and sustainable competitive advantages at Stryker through M&A transactions exceeding $2 billion combined with organic innovation.
- Significant global experience leading teams and driving businesses ranging from $100 million to $5 billion. Held enterprise-wide additional responsibilities in 2016 for Stryker’s Asia-Pacific region, initiating turnaround in the China market.
- Resolved Department of Justice sanctions and FDA warning letter at Johnson & Johnson.
- Strong record of stakeholder management in public and private companies including Fortune 500 to venture-funded founder businesses, and a non-profit business league.
- Well-established reputation for inspiring leadership with demonstrated ability to build followership with management teams and deep into the organization.
- As NN Inc. Nominating & Governance Chair, successfully led substantial Board refreshment initiative with four new Directors added and improved Board composition.
Board of Directors Experience
NN Inc., Charlotte, NC [NASDAQ: NNBR]
Elected as an independent director of this diversified industrial company in May 2016. Elected Chairman of the Nominations & Governance Committee January 2019.
APOS THERAPY LTD, Herziliya, Israel
Served as a Board member for this venture funded global technology company focused on rehabilitative and preventative therapy for musculoskeletal disorders.
AXIOMED SPINE CORPORATION, Beachwood, Ohio
CEO and Board member of venture-funded early stage company
ORTHOWORX, Warsaw, Indiana
As a founding Board member of this 501(c)(6) collaborative enterprise serving the interests of the orthopedic industry cluster in Warsaw, Indiana, played a leading role in an assessment and recommendation led by BioCrossroads, the state of Indiana life sciences consortium, to identify how to strengthen the regional orthopedics cluster in Northeast Indiana. Recruited to become the organization’s first CEO, serving from 2011-2012.
STRYKER CORPORATION, Mahwah, NJ
Leading Fortune 300 $13 billion medical technology corporation recognized as one of the world’s most admired and best-managed companies. Recruited directly by the CEO to run a newly expanded group of divisions centered on implantable devices, comprising nearly half of Stryker’s revenue. Key challenges were sustaining success and creating differentiation in the Joint Replacement and Trauma businesses, building growth platforms in the Extremities businesses, and turning around the Spine business. Retired June30, 2019.
Through July 2018 was responsible for Stryker’s Joint Replacement, Trauma & Extremities, Spine and Performance Solutions divisions along with Orthobiologics and Foot & Ankle business units and China-based Trauson Ltd. operating unit delivering over $5 billion in annual revenue. Had ownership of the fully integrated P&L, from revenue to operating income for North America and Western Europe, as well as revenue responsibilities for Australia, Japan and China. For over one year also had enterprise-wide P&L responsibilities for the Asia and South Pacific regions with nearly $1 billion in revenue. Reported to CEO and led a team of eleven including five Division Presidents, Group CFO, Chief Legal Counsel, and functional leaders in Strategy & Business Development, Human Resources, Information Technology, and Operations. Active participation in all corporation Board meetings, frequent involvement in investor relations activities, enterprise-wide executive sponsor for Stryker Women’s Network. Transitioned to an advisory role in July 2018 in anticipation of retirement in June 2019.
Driving growth and delivering results
Grew total business volume faster than market growth rates, with a five-year CAGR of 7% versus market of 3.3%. Made key strategic acquisitions of Mako Surgical for $1.7 billion and Small Bone Innovations for $375 million along with many other sub-$100 million transactions. Integrated acquired businesses to effectively capture synergy potential. Successfully nourished higher growth potential businesses in Trauma and in Foot & Ankle to deliver market-leading growth in the US for five consecutive years, delivering CAGR of 3X versus market. With the highly successful integration of Mako robotics into the Stryker Joint Replacement business, created a disruptive technology platform and commercial model that led to unprecedented market share gains in knee replacement and changed the industry.
Developing winning strategies
Working with Stryker management team developed new enterprise strategy for Stryker around category leadership in three core segments, with four key strategic imperatives to drive the business over the mid-term. Revamped strategic planning process for Orthopaedics Group, focusing on delivering greater insights and improved focus. Repositioned Joint Replacement division, Stryker’s largest and most profitable business, from a cash cow to a new platform for growth. Defined new growth strategy and focus for Spine division. Led the development of a new international markets strategy.
Leading organizational change
Played a leading role in designing and implementing operating model changes to make Stryker more global in its approach. The first stage, a transatlantic alignment of regions with franchises, was successfully implemented January 2015. Chronically under-performing European region returned to growth in first year. Restructured group business portfolio for greater leverage and growth, tucking previously standalone sports medicine, biologics, and robotic technologies business units into existing divisional structures. Initiated significant leadership changes, with three of four division presidents and nine of eleven original direct reports transitioning. Two direct reports have been promoted to larger roles. Created a cohesive leadership team for the Group.
Nurturing innovation and reducing cost
Played a leading role in designing and implementing enterprise cost transformation program. Directly led efforts in product life cycle management, commercial model redesign, and expansion of shared services. Championed business model innovation as well as technology innovation, with established initiatives in robotics, competitive conversion programs and risk-sharing contracting with hospitals. Built the most innovative and globally resilient platform in the orthopedic implant industry, from leading edge robotics to a value brand platform, spanning large joints to extremities, including devices and innovative services offerings. Drove emerging initiatives in alternative commercial models, shared risk programs for capitated health plans and bundled payments, and other areas of promise.
JOHNSON & JOHNSON, DePuy Franchise, Warsaw, IN
DePuy Orthopaedics, now DePuy Synthes is a $3+ billion market leader in orthopedic implants with major facilities in Indiana, Massachusetts, Ireland, the UK and China. Recruited by then Franchise Company Group Chairman Mike Mahoney to implement a settlement with the US government, re-engage the management team and employees, and to restore healthy growth to the Joint Reconstruction business.
Worldwide President, DePuy Orthopaedics Division
US President, DePuy Orthopaedics Division
Took over the Joint Reconstruction business that had underperformed for an extended period and concluded a settlement with the US Department of Justice and the Inspector General of the US Department of Health and Human Services. Promoted to worldwide role to integrate DePuy International and the Trauma & Extremities divisions into a single worldwide business unit with a common strategy and portfolio plan. Reported to the DePuy Franchise Company Group Chairman and was a member of the Franchise Global Management Board, and led a division Management Board of 10 and then later a worldwide management board of 14 including members from US, Europe, and Asia.
- Successfully completed an 18-month Deferred Prosecution Agreement, implementing comprehensive and state of the art compliance programs while restoring health and vitality to the business and the pipeline.
- Revitalized the chronically underperforming $1.5+ billion knee business, halting a lengthy period of market share loss and returning sales to above-market growth rates. Used product line extensions, new instruments, and an innovative custom surgical guide product to strengthen an aging product line, while advancing the development of a comprehensive new knee system.
- Drove hip sales to advance the number one share position in the US and globally. Used product launches, professional education, and focused marketing while inaugurating a project for next generation hip system.
- Restructured the business, building a worldwide management board, and worldwide/regional marketing groups. Resolved FDA warning letter.
- Upon departure, I was replaced by the leader I had developed and designated to be my successor.
ABBOTT LABORATORIES, Austin, Texas
A $100 million division of Abbott Labs, Abbott Spine was a leading growth business in spinal surgery, acquired as Spinal Concepts by Abbott in 2003 and divested in a sale to Zimmer Holdings in 2008. Recruited by Spine Division President Jeff Binder as his replacement to transform the start-up culture and operating practices into a disciplined Abbott division, rebuild the management team, complete full FDA compliance program, and develop mid-range growth strategy.
President, Spine Division
General Manager, US, Spine Division
Took over a division that was struggling to recover from an FDA warning letter and significant management turnover. After a four-month transitional role under the outgoing President, took over full responsibility for the worldwide business and integrated P&L, responsible for driving growth organically and by acquisition. Reported to Abbott COO Rick Gonzalez and later other Abbott group executives. Led management team of 10.
- Rebuilt the management team and revised the overall strategy to deal with the rapidly changing realities of the spine market and the Abbott Spine portfolio.
- Overhauled R&D, and returned it to productivity. Initiated product development programs for a core platform lumbar fusion system and upgraded the Pathfinder MIS fusion system.
- Completed implementation of a compliant design control procedure and design history file remediation, and met with FDA District Director to resolve ongoing concerns about the quality system.
- Performed extensive business development activity, reviewing opportunities, working up deal models, performing due diligence and making presentations to CEO and COO
- Upon departure was replaced by the leader I had developed and designated as my successor.
AXIOMED SPINE CORPORATION, Beachwood, Ohio
AxioMed was a venture funded start-up focused on the development of next-generation artificial disc replacement implants. AxioMed had completed its US pivotal clinical study and the Freedom Lumbar Disc was CE marked and commercialized in Europe before running out of cash in 2014. Recruited by the venture capitalist dominated Board to replace co-founder President and build an enterprise that could meet milestones and raise further capital.
President, Chief Executive Officer and Board member
Joined AxioMed when it was short on cash and had missed key milestones. Closed a Series A follow-on round.
- Got the product development project back on track and reached design freeze quickly. Launched the manufacturing development process.
- Recruited a medical advisory panel of key opinion leaders at UCLA, Rush Medical School, Thomas Jefferson University, and the Texas Back Institute.
- Raised the profile of the company and its technology in the market. Raised a Series B financing of $18 million with a significant increase in valuation and brought in three new venture investors.
CENTERPULSE LTD, Winterthur, Switzerland
Centerpulse (formerly SulzerMedica) was a leading medical technology company with divisions in orthopedics, spine, dental, and cardiovascular products. Following the divestiture of the cardiovascular businesses, it was acquired by Zimmer Holdings Inc. in October 2003. Centerpulse was acquired at CHF 398 per share in a CHF 4.9 billion transaction, an increase in value of 6.4X in two years driven by the Centerpulse Orthopedics turnaround and related restructuring.
President, Centerpulse Orthopedics
Vice President, US Market
Recruited back to the Orthopedics division to head up US sales and marketing, then promoted to President in the midst of crippling litigation and rapidly declining sales due to a product recall.
- Assisted the holding company in negotiation of a novel class-action settlement and raising an $800 million debt financing to fund the settlement.
- Created recovery plans for the US business, halting the 15% revenue decline in 2001 and returning to growth in 2002 and 2003. Rapidly developed and launched a new hip product in four months to replace the recalled hip. Launched a novel early-stage knee product, revitalizing the sales force and commercial momentum.
- Developed highly successful distribution channel integration in the US for the Centerpulse and Zimmer.
ORTHOLOGIC CORPORATION, Tempe, Arizona
OrthoLogic was an orthopedic therapy company marketing bone growth stimulators, orthopedic rehabilitation products, and hyaluronic acid injectables. Recruited by the CEO to professionalize the selling and field service organization and drive improved growth.
Vice President, Sales
Reporting to the CEO, provided leadership and direction to 100+ person direct sales force, a network of independent agents and distributors, and an 180+ person field service organization in 70 offices.
- Reversed revenue declines and increased sales leading to the company’s first ever operating profit.
- Instituted discipline and operating standards to the sales force and sales management team.
- Launched spinal stimulator following FDA approval, building a hybrid distribution network and executed a distribution agreement with J&J DePuy Spine.
- Reorganized field service organization, separating it from sales representative control and increasing efficiency of capital and human assets.
SULZER ORTHOPEDICS INC., Austin, Texas
Sulzer Orthopedics, part of SulzerMedica Ltd. of Switzerland, was a leading reconstructive orthopedic implant company with global sales of $300 million. SulzerMedica was later renamed Centerpulse following its spin out from Sulzer Ltd. Recruited to the role by the Vice President, Sales & Marketing, who had been my mentor at Zimmer.
Vice President, Sales
Responsible for sales and distribution strategy and sales management for the Americas. Reversed negative sales trends in the US by developing and implementing a new incentive and investment plan for the independent sales force. This led to a return to above-market sales growth rates for the next three years.
BRISTOL-MYERS SQUIBB INC, Zimmer Subsidiary, Warsaw, Indiana
Zimmer is a leading orthopedics company, at that time a subsidiary of Bristol-Myers Squibb.
Held supervisory, management and sales positions of increasing responsibility.
Ball State University, Graduate School of Business, Muncie, Indiana
Coursework consisting of core business administration courses
Grace College, Winona Lake, Indiana
Bachelor of Science, majors in Speech Communication and Psychology