Dentsply CFO stepping down
Ulrich Michel will cease to be CFO of Dentsply Sirona Inc. effective Friday, but will remain on the payroll until Dec. 31.
That, the company explained in a Securities and Exchange Commission filing, is so Michel can qualify for benefits under his employment contract in the event of termination without cause.
Nicholas W. Alexos, 54, will succeed Michel as CFO this week, the latest in a series of high-level changes at the The York-based dental products manufacturer.
Alexos joined Dentsply last month, having been named executive vice president and chief administrative officer. At the same time, company officials announced that Keith Ebling had been named executive vice president, general counsel and secretary. Ebling replaced Jonathan Friedman, who resigned as Dentsply's senior vice president, secretary and general counsel.
Both report to interim CEO Mark Thierer, who is filling in after the resignation of former CEO Jeffrey T. Slovin earlier in October.
Other recent departures from Dentsply include former executive chairman Bret W. Wise and COO Christopher T. Clark.
Dentsply officials have described the executive reshuffling as designed to help the company reach its potential. Dentsply Sirona formed in 2016 from a merger between Dentsply International Inc. and Sirona Dental Systems Inc.
Alexos worked most recently with Madison Dearborn Partners LLC, a Chicago-based private equity firm which he co-founded. Prior to that, he was with First Chicago Venture Capital and the First National Bank of Chicago. He is a CPA and received his MBA from The University of Chicago Booth School of Business.
Alexos will continue to be compensated in accordance with the terms of his existing employment agreement, which is for an initial two-year term with automatic one-year renewals, the SEC statement indicates.
Alexos is receiving an annual base salary of $600,000. He is eligible for a pro-rated 2017 annual bonus of 75 percent of his base salary, and will be eligible for incentive awards for 2018 and future years. He also was granted stock options and other benefits.
Dentsply Sirona trades on NASDAQ under the XRAY symbol. The stock was trading at $63.70 in late morning activity on Monday.