It was reported today that Wright Medical announced that it had accepted the resignation of CEO Gary Henley and terminated its CTO Frank Bono. The resignation of Gary Henley comes at a time that the company's compliance program is being reviewed. As for Frank Bono, well it seems that Mr. Bono, no relation to the famous Irish Rocker, was terminated for failing to exhibit the appropriate regard for Wright's ongoing compliance program with the Department of Justice.
Wright has named David D. Stevens as the interim president. Wright Medical had paid the U.S. government $7.9 million to settle false claims allegations and entered into a Deferred Protection Agreement with the DOJ in the fourth quarter in 2010 pertaining to allegations of improper consulting agreements from 2002-2007. The DPA is contingent on updating company compliance policies and completing a 1 year monitoring program. You know what Bono sang;
"Early morning, April 4th shots ring out in the Memphis sky, free at last they took your life, they could not take your pride............"
On a colder front, it was reported a few weeks back that an Orchard Park man admitted to stealing medical supplies and equipment from a local hospital and the company he worked for Synthes. Joseph Raymond, 39, pleaded guilty to grand larceny and other charges before the Honorable Michael Petruszka of Erie County.
Mr. Raymond admitted to taking nearly $2 million worth of items from both South Mercy Hospital and Synthes where he worked as a sales rep. The thefts took place between 2002 and 2010. In addition, Mr. Raymond failed to report income from the thefts, the result, Judge Petruszka could sentence Raymond to 26 years in the slammer. One has to wonder what type of oversight exists at hospitals when someone has the ability to steal at least $250K worth of implants without anyone picking up on it? If Mr. Raymond did this on his own volition, he will pay the price, but if he knows otherwise, now may be the time to start singing like Luciano Pavarotti, I'm sure there are a few nervous people out there. Mr. Raymond will have plenty of time to sing everyday,
"As I went down to the river to pray, studying about that good old way, and who shall wear that starry crown, Good Lord show me the way."