It was not a good start of the second half of 2018 for MiMedx Group, Inc. (NASDAQ:MDXG) and its shareholders as the company announced the resignations of CEO Parker H. “Pete” Petit and COO William C. “Bill” Taylor. Petit also resigned as the Company’s Chairman of the Board but currently remains a director on the Board. David Coles, a Managing Director with Alvarez & Marsal, has come in on an interim basis to replace Petit as CEO. He is a specialist whose services include corporate performance improvement, interim management, healthcare, and corporate restructurings. His most famous role is likely as CFO of Lehman Brothers Holdings Inc. from September 2008 through February 2009, so one can get a good idea of what his job usually entails, no matter the positive spin in the MDXG news release. The investment community saw the writing on the wall with this announcement and took the stock down nearly 40% to less than $4 on Monday with a continued selloff Tuesday morning.
MDXG data by YCharts
