Orthofix enters cooperation pact with Engine Capital, names three board members

Orthofix announced the appointment of three new independent directors to the company’s board. These new directors bring substantial finance, strategic development, healthcare and medical technology experience to further advance Orthofix’s position as a leading global spine and orthopedics company. The appointments follow constructive engagement and entry into a cooperation agreement with Engine Capital Management, one of the company’s largest shareholders, which owns approximately 8.2% of Orthofix’s outstanding shares. With these appointments and Calafiore joining the board upon his effective date, Orthofix’s board will consist of 12 directors, 11 of whom are expected to be independent as of early 2024. It is expected that the board will be reduced to nine members at the 2024 Annual Meeting. The cooperation agreement contains customary standstill, voting and other provisions and will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.