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Orchid Orthopedic Solutions has selected Nate Folkert to succeed Jerry Jurkiewicz as Chief Executive Officer, effective October 12, 2020. Mr. Jurkiewicz will continue to support Orchid during a transition period.
Mr. Folkert joins Orchid with 20 years of medical device experience, including a deep understanding of orthopedic OEMs. For the past five years, he served as Vice President & General Manager for ConMed’s orthopedic business.
ConMed’s orthopedic segment recorded revenue of $463 million in 2019 and experienced growth of approximately 4% in 2019 and 2018. Continuity in leadership, new sports medicine products and capital equipment as well as organizational changes were recent steps taken by ConMed to maintain momentum in the sports medicine market.
Prior to ConMed, Mr. Folkert served as President of Zimmer’s Trauma Division, preceded by several other executive roles at Zimmer and Stryker.
“Nate joins with a proven track record of growth acceleration and a close understanding of the orthopedic end market. The Board is impressed by Nate’s understanding of how to create value for Orchid’s customers and build true partnerships,” said Gary Fischetti, Chairman of the Board for Orchid.
Mr. Folkert takes the helm of the third-largest orthopedic contract manufacturer by revenue, according to THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®, as shown below. In 2019, the company posted orthopedic-related revenue of $361 million, +5.4% from 2018.
| Contract Manufacturing Orthopedic Market Share – Top 7 Players and All Others ($Millions) | ||||
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Orchid continues to position itself as a comprehensive provider for the orthopedic industry, including design & development, prototyping, forging, casting, complex instrument assembly, implant coatings, packaging and quality & regulatory services.
“I am incredibly excited to lead Orchid as the company enters a new chapter in its growth. Orchid has emerged as a leading supplier in this fragmented market, and I look forward to continuing to build on the significant progress made to date on building the company into a global operationally excellent manufacturing platform. Orchid has a long runway ahead as it focuses on partnering with customers to help them win in the market,” said Mr. Folkert.
Mr. Jurkiewicz led Orchid as its CEO for the past three years. He initially joined the company as President and Chief Operating Officer under the guidance of Orchid founder and then-CEO Mike Miller, building a foundation for future growth. Under Jurkiewicz, Orchid launched a new operating model in manufacturing, strengthened its regulatory and quality operations to differentiate from the competition, and continued to build world-class talent. “On behalf of the Board of Directors, I would like to thank Jerry for his considerable contribution to the development of Orchid,” Mr. Fischetti said.
