Zimmer Biomet (ZBH) Plunges to 13-Year Low on Finance Chief Resignation

Zimmer Biomet Holdings Inc. (NYSE:ZBH) is one of the 10 Stocks Reeling From Huge Losses.

Zimmer Biomet fell to a new 13-year low on Tuesday, slashing 10.53 percent to close at $82.84 apiece despite posting a strong earnings performance in the first quarter, as investors were rattled by the immediate departure of its chief finance officer (CFO).

In an updated report, Zimmer Biomet Holdings Inc. (NYSE:ZBH) announced that CFO Suketu Upadhyay stepped down from his post effective immediately to pursue a new professional opportunity.

For illustration purposes only. Photo from Zimmer Biomet

Upadhyay will be temporarily replaced by incumbent Chief Accounting Officer Paul Stellato as the interim CFO, while Zimmer Biomet Holdings Inc. (NYSE:ZBH) conducts an internal and external search for a permanent replacement.

Zimmer Biomet Holdings Inc. (NYSE:ZBH) Chairman, President, and CEO Ivan Tornos briefly thanked Upadhyay’s stint over the past seven years.

”We are confident [Stellato] is the right leader to provide continuity and steady direction during this transition, as we continue to execute our strategy and deliver on our commitments,” he noted.

Upadhyay’s departure followed Zimmer Biomet Holdings Inc.’s (NYSE:ZBH) 30.8-percent net income jump in the first quarter of the year, at $238.1 million versus $182 million in the same period last year.

Net sales also increased by 9.3 percent to $2.09 billion from $1.909 billion year-on-year.

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