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Posted 15 September, 2022

INVACARE CORP appointed Geoffrey P. Purtill as new CEO

NYSE:IVC appointed new Chief Executive Officer Geoffrey P. Purtill in a 8-K filed on 15 September, 2022.


  In its Current Report on Form 8-K filed on August 29, 2022, Invacare Corporation (the "Company") previously disclosed the appointment of Geoffrey P. Purtill as interim President and Chief Executive Officer of the Company and the appointment of Michael J. Merriman, Jr. as a director and non-executive Chairman of the Board of the Company.  

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Overview of INVACARE CORP
Health Care/Life Sciences • Medical Equipment/Supplies
Invacare Corp. engages in the manufacture and distribution of medical equipment used in non-acute care settings. It focuses on medical device solutions for congenital, acquired, and degenerative ailments. The firm operates through the following segments: North America and Europe. The company was founded by Aaron Malachi Mixon III in 1979 and is headquartered in Elyria, OH.
Market Cap
$38.7M
View Company Details
INVACARE CORP by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In its Current Report on Form 8-K filed on August 29, 2022, Invacare Corporation (the "Company") previously disclosed the appointment of Geoffrey P. Purtill as interim President and Chief Executive Officer of the Company and the appointment of Michael J. Merriman, Jr. as a director and non-executive Chairman of the Board of the Company. On September 13, 2022, the Company's Compensation and Management Development Committee (the "Committee") approved certain compensation arrangements in connection with those appointments.

For Mr. Purtill, the Committee approved compensation arrangements providing for the following:

-an initial base salary of USD $500,000 on an annualized basis;

-an annual target incentive amount under the Company's Executive Incentive Bonus Plan equal to 75% of Mr. Purtill's base salary; and

-an equity inducement award, granted on September 13, 2022, of 100,000 service-based restricted stock units scheduled to vest over three years in three equal annual installments, subject to the terms of the Company's equity compensation plan and the applicable award agreement.

The Company and Mr. Purtill entered into a letter agreement, dated September 13, 2022, with respect to the foregoing arrangements, which is filed as Exhibit 10.1 hereto. The foregoing description of the letter agreement is a summary and is qualified in its entirety by reference to the full text of the letter agreement.

For Mr. Merriman, the Committee approved compensation arrangements providing for the following:

-an initial base cash fee of USD $105,000 annually, to be paid in quarterly installments, subject to Mr. Merriman's continued service as a director;

-an additional cash fee of USD $40,000 annually, to be paid in quarterly installments, subject to Mr. Merriman's continued service as Chairman of the Board; and

-an equity inducement award, granted on September 13, 2022, of 154,852 service-based restricted stock units scheduled to vest on November 15, 2023, subject to the terms of the Company's equity compensation plan and the applicable award agreement.