WASHINGTON (dpa-AFX) - Invacare Corp. (IVC) said Friday that company founder A. Malachi Mixon, III will retire as Executive Chairman of the company's Board of Directors, effective December 21.
Mixon, 74, will continue his responsibilities as a non-employee member of the Board until the 2015 annual meeting when the company will nominate him for one additional term after which he will reach the Board's mandatory retirement age of 75.
In 1979, Mixon led a leveraged buy-out of Invacare with the support of his business partner, Joseph Richey, II, and a small group of investors. During his tenure, the company has grown from a domestic manufacturer of lifestyle products with annual net sales of $19 million into a global home medical device company with a broad product portfolio and annual net sales of $1.4 billion in 2013.
Invacare Corporation (IVC) announced today the retirement of Joseph B. Richey, II, President - Invacare Technologies Division and Senior Vice President - Electronic and Design Engineering, effective November 30. Richey joined Invacare in July 1984 as the Senior Vice President of Product Development. He was a director of Invacare from 1980 until he retired from his director role in May 2013.
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