Mixon Retires from Invacare Corp.
Founder of DME manufacturing giant stepping down from role as executive chairman of the company’s board of directors.
- By David Kopf
- Dec 18, 2014
Founder of DME manufacturing giant Invacare Corp., A. Malachi “Mal” Mixon, III, 74, is retiring as the executive chairman of the company’s board of directors, effective Dec. 21, 2014.
Nearly synonymous with his company, Mixon will continue his responsibilities as a non-employee member of the company’s 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.
“Over the past 35 years, I have had the privilege of leading and guiding Invacare’s evolution into a global manufacturer and distributor of medical devices that promote recovery and active lifestyles,” Mixon said. “At this important transition point in the company’s history, I feel that now is the appropriate time for me to retire and let the next generation of leadership guide the company into the future. I have full confidence in our management team as they work to restore profitability in the North America and Asia/Pacific businesses and exit the injunctive phase of the company’s consent decree with the United States Food and Drug Administration.”
In 1979, Mixon led a leveraged buy-out of Invacare Corp. with the support of his business partner, Joseph B. Richey, II, and a small group of investors. During his tenure, the company grew 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. During his leadership of the compnay, Mixon also was a staunch advocate for the home medical equipment industry in Washington, D.C., and throughout the United States.
“It has been a pleasure working with the very talented associates at Invacare,” he stated. “They have been integral in fulfilling our brand promise to customers and people who use Invacare products — ‘Making Life’s Experiences Possible.’ I also want to thank the many customers and shareholders who have supported Invacare over the years.
“Looking ahead, I am confident that the company will be well-positioned for a strong future, as the home and long-term care markets continue to become an increasingly important component of the world’s continuum of care,” he added. “I still have a passion for this incredible channel of healthcare and look forward to continuing to work with the management team and other members of the board.”
David Kopf is the Executive Editor of HME Business and DME Pharmacy magazine. Follow him on Twitter at @postacutenews.