The Board of Directors of MiMedx Group, Inc. (NASDAQ: MDXG), a biopharmaceutical company, announced today that Parker H. Petit has resigned as the Company’s Chairman of the Board and Chief Executive Officer, and William C. Taylor has resigned as President, Chief Operating Officer, and member of the Board.
The Company has seen many changes in leadership recently. Just last month, the Company’s Chief Financial Officer and Vice President stepped down. The recent resignation of the Company’s CEO and COO come as part of a larger internal investigation which comes from MiMedx needing to restate financial reports dating from as far as 2012, regarding allegations about some of the Company’s sales and distribution practices.
“These resignations, which follow the recent departures of the Company's Chief Financial Officer and Corporate Controller and Treasurer, are based on the Board of Directors' business judgment regarding the Company's leadership and direction, and arise, in part, from information the Audit Committee has identified through its previously announced independent investigation. This investigation is ongoing and there may be other actions taken based, at least in part, on information from the investigation.” said MiMedx in a statement.
The Board of Directors has appointed Charles R. Evans, previously the Lead Independent Director, as Chairman of the Board, and David Coles as interim CEO.
"The Board is confident that now is the right time for MiMedx to transition its leadership team as we look to the future and prepare our Company for its next chapter," said Mr. Evans in a statement.
The Board of Directors has initiated a search for possible candidates, internal and external, to serve as permanent CEO.