Avanos Medical, Inc. Announces Board Changes; Approves Amendment to By-Laws
May 06, 2020 at 07:07 am EDT
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Avanos Medical, Inc. announced that The Company's Chairman of the Board, Ron Dollens did not seek re-election in 2020 and retired from the Board of Directors effective immediately following the Annual Meeting of Stockholders on April 30, 2020, in accordance with Corporate Governance Policy provisions on director retirement. In connection with Mr. Dollens' retirement, the Company's Board elected Gary Blackford as Chairman, effective immediately following the Annual Meeting.
On April 30, 2020, the stockholders approved amendments to the Company's Certificate of Incorporation to declassify the Board. Effective May 5, 2020, the Board also amended and restated the Company's bylaws to (i) reflect the declassification of the Board, (ii) provide that stockholders may remove directors with or without cause following the 2023 annual meeting of stockholders; and (iii) revise the supermajority voting standard required for the removal of directors to instead reflect a majority voting standard.
Avanos Medical, Inc. is a medical device company, which is focused on delivering solutions. The Company offers healthcare needs, such as providing nutrition to patients from hospital to home and reducing the use of opioids while helping patients move from surgery to recovery. The Company conducts its business in one segment that provides its medical device products to healthcare providers and patients globally with manufacturing facilities in the United States and Mexico. Its digestive health products include MIC-KEY enteral feeding tubes, Corpak patient feeding solutions and NeoMed neonatal and pediatric feeding solutions. The Companyâs acute pain products include ON-Q and ambIT surgical pain pumps and Game Ready cold and compression therapy systems. The Company's interventional pain solutions include COOLIEF pain therapy and OrthogenRxs knee osteoarthritis pain relief injection products.