Tools

ConMed sees big changes from the top

By JOLEEN FERRIS

UTICA, N.Y. (WKTV) - The local family that founded a global medical supply company has stepped down from its leadership. 
       
The Corasanti family founded ConMed Corporation in 1970. But they've endured a tough year of sharp criticism from an investment management firm that advises some of their stockholders.  Voce Capital Management back in November called ConMed an 'overly-complex, sub-scale player surrounded by much larger and more successful competitors".  
 
The firm blamed 'multi-generational dominion over ConMed by its founding family' for its poor performance, further saying that 'ConMed's employment practices reveal an alarming degree of nepotism and cronyism. The time has come for the Corasanti family to abdicate the ConMed throne'. 
    
At 7:00 Wednesday morning, the company issued a news release telling the world that the Corasanti family had indeed stepped down from the company they'd founded 44 years ago.  CEO Joseph Corasanti stepped down;  Founder Gene Corasanti retired. Independent Board Member Curt Hartman was appointed interim CEO.
      
"This has nothing to do with jobs in Utica or anyplace else in the world.  It just has to do with a change in the leadership,"  says Chief Financial Officer Rob Shallish, in anticipation of the question on the minds of local people.
       

Shallish says a search committee with executive recruiters will help find the CEO best suited for ConMed Corporation. 

What's On