Mixon to step down
By Theresa Flaherty, Managing Editor
Updated Tue November 18, 2014
ELYRIA, Ohio - Mal Mixon is retiring.
The founder of Invacare will step down as executive chairman of the Board of Directors Dec. 21.
''Over the past 35 years, I have had the privilege of leading and guiding Invacare's evolution into a global manufacturer and distributor of medical devices that promote recovery and active lifestyles,” said Mixon in a release. “At this important transition point in the company's history, I feel that now is the appropriate time for me to retire and let the next generation of leadership guide the company into the future.”
During Mixon's tenure, Invacare has grown from a domestic company with $19 million in annual sales to a global powerhouse with sales of $1.4 billion.
Invacare has struggled in recent quarters thanks to a consent decree with the U.S. Food and Drug Administration. In October, the company reported a 4.8% decrease in third quarter sales.
Mixon, 74, will continue as a non-employee member of the board until the 2015 annual meeting when the company will nominate him for one additional year. The board's mandatory retirement age is 75.
Comments