Integer Holdings Corp. is shifting its strategy to focus on portfolio management and operational performance in order to improve sales and profit.
Under its portfolio management strategy, the company will make investments in its cardio and vascular, neuromodulation and electrochem product lines to improve sales and market penetration, positioning itself to attain above-market growth over the long term.
The Texas-based company, which manufactures medical devices on an outsourcing basis, also plans to retain its position in the cardiac rhythm management business, which includes products such as pacemakers, and improve profitability in the advanced surgical, orthopedics and power solutions lines via initiatives to improve cost structure and boost sales.
In order to drive operational performance, Integer plans to concentrate on innovation and fuel growth by improving manufacturing and business processes.
The company also made several management changes to implement the new strategy.
COO Jeremy Friedman plans to retire at the end of 2018 and until then will focus on putting in place some "critical elements" of the new strategy.
Payman Khales has joined as president of the cardio and vascular product line, with the responsibility of accelerating sales and profitability growth for the product line. John Harris, who served as interim president of cardio and vascular during the search process, will continue as vice president of operations for the product line and direct the implementing of the manufacturing processes for the segment.
Jennifer Bolt, president of electrochem, will oversee the initiative to improve manufacturing processes. Joe Flanagan, executive vice president of quality and regulatory, and Mary Holler, chief information officer, will co-lead the strategic initiative to improve business processes.
Kirk Thor joined Integer in January as executive vice president and chief human resources officer. He is charged with spearheading the cultural aspects of the strategic initiatives to drive performance and build leadership capability to grow the company.