Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, announced that Ken M. Reali has stepped down as Chief Executive Officer (CEO) and as a member of the Board of Directors (board). The board has initiated a comprehensive search process to identify a permanent CEO.
Until a successor is named, the board has appointed Anthony Bihl, as interim CEO, effective immediately. Bihl is a seasoned executive with more than 35 years of proven industry experience. He formerly served as CEO and member of the Board of Managers of Bioventus LLC from 2013 until his retirement in 2020. Bihl currently serves as a board member for Sonendo Inc. and Spectral Medical Inc.
“On behalf of the board and Bioventus employees, I want to thank Ken for his valuable contributions to Bioventus and his dedicated leadership over the past three years,” said William A. Hawkins, Bioventus’ executive chairman. “We are urgently looking to address our performance and execution, unlock long-term value and deliver on the expectations of our shareholders. As we search for a permanent successor, we believe Tony is uniquely positioned as the interim CEO to lead Bioventus through this transition given his previous experience, tenure and success at the Company.”
Mr. Bihl commented, “I look forward to working closely with the board and executive leadership team as interim CEO. Bioventus has a strong foundation, a differentiated portfolio of leading products that drive value for patients, and significant potential across large and growing addressable markets. I look forward to leveraging my prior executive leadership experience to stabilize the Company, improve execution and enhance shareholder value as we deliver on the Company’s mission.”