Originally Published MX May/June 2006
BUSINESS NEWS
Miller's Exit from Biomet Raises SpeculationThe orthopedics industry is still reeling from the sudden resignation in late March of Dane Miller as chairman and CEO of Biomet Inc. (Warsaw, IN). Daniel Hann, senior vice president, chief counsel, and secretary, was named interim president and CEO.
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"Dane Miller was always more focused on his customers and technological advances in orthopedics than on Wall Street," says Raj Denhoy, vice president and senior medical technology analyst with Piper Jaffray & Co. (Minneapolis). "In the end, that's what probably led to his sudden departure from the company he founded and led for almost 30 years."
Shortly after announcing Miller's departure, the board reported that it had retained the services of Morgan Stanley (New York City) to explore strategic alternatives. The announcement has led to widespread speculation that the company may now be for sale.
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