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General Healthcare

Invacare Names New President and CEO

February 2, 2015

ELYRIA, OH – Invacare Corp has appointed Matthew E. Monaghan as its new president and CEO, effective April 1, 2015. Monaghan’s appointment follows an extensive global search conducted by an executive search firm under the direction of the Invacare Board of Directors.

The 47-year-old Monaghan will join Invacare with a breadth of general management, medical device and turnaround experience within global companies. Robert K. Gudbranson will continue to serve as Interim president and CEO until Monaghan joins the Company, after which time Gudbranson will continue as senior vice president and CFO.

Monaghan currently serves as senior vice president and general manager of Zimmer’s Global Hips business, where he is responsible for more than $1.3 billion in revenue and the division’s new product development, engineering, clinical studies, quality, regulatory affairs and marketing functions.

Prior to joining Zimmer in 2009, he spent eight years as an operating executive for two leading private equity firms, Texas Pacific Group (TPG) and Cerberus Capital, where he led operational improvements of portfolio companies. Among the most notable were the carve-out of a global medical device business from Baxter Healthcare, making significant improvements at a U.S. personal insurance business and running a consumer durable goods business spun off from Newell-Rubbermaid.

”On behalf of the Board of Directors, I am pleased to welcome Matt as Invacare’s next president and CEO,” said Dr. C. Martin Harris (pictured), interim chairman of Invacare’s Board of Directors. “Our Board conducted a thorough and comprehensive search over the past six months and unanimously concluded that Matt is best suited to lead Invacare through this critical time and into its next phase of growth and development. In addition to his medical device background, he has proven turnaround experience, which will be critical to Invacare as it works through its short-term challenges. We are fortunate to have someone with Matt’s broad cross-functional experience, and the Board looks forward to the results of partnering with the senior management team under Matt’s experience and leadership.”

”I am honored to have been selected to lead Invacare at a time of unprecedented opportunity for the Company,” said Monaghan. “Invacare is well positioned to take advantage of the growing global home healthcare market. I look forward to working closely with Invacare’s Board of Directors, executive team and talented and hard-working associates to continue to turnaround this business, innovate, and resume the Company’s historical market leadership position.”