Danish medical device maker Coloplast announced a significant overhaul of its executive team and corporate structure on Tuesday, moves it said are designed to support a new long-term strategy.
The company is reorganizing its business into two new units, Chronic Care and Acute Care, effective immediately.
The restructuring coincides with the departure of Nicolai Buhl, the Executive Vice President for Chronic Care, a decision the company described as a mutual agreement with the board.
"Our new strategy is centered around our customers," interim CEO Lars Rasmussen said in a statement.
"To deliver value for our customers, shareholders and more, we must evolve."
The Chronic Care unit will be split into commercial and R&D functions, led by Caroline Vagner Rosenstand and Rasmus Just, respectively, who is rejoining the company from Novo Nordisk, Coloplast said.
The new Acute Care unit will combine the company's Interventional Urology, Advanced Wound Dressings, and Kerecis businesses.
Fertram Sigurjonsson, founder of Kerecis, will lead a new Wound & Tissue Repair organization within the Acute Care division.
The changes come three months after former CEO Kristian Villumsen stepped down, with then-Chairman Lars Rasmussen taking over as interim chief executive.
Coloplast said it will present its new group strategy to investors and analysts at a Capital Markets Day on Sept. 2.
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