Vafa Jamali Appointed as CEO of "NewCo", New Publicly Traded Spine and Dental Company to Spin Out of Zimmer Biomet

Jamali Brings Proven Ability to Execute, Track Record of Driving Growth and 25 Years of Medical Device Experience to NewCo Leadership

NewCo Created to Leverage Optimized Resource Allocation in Large and Growing Spine and Dental Markets

News provided by

Zimmer Biomet Holdings, Inc.

Feb 16, 2021, 07:00 ET

WARSAW, Ind., Feb. 16, 2021 /PRNewswire/ -- Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global leader in musculoskeletal healthcare, today announced that after an extensive search, Vafa Jamali has been appointed as CEO of "NewCo", the independent, publicly traded company that will be created by a previously announced spin off transaction, expected to close in mid-2022. NewCo will be comprised of Zimmer Biomet's current Spine and Dental businesses.

Mr. Jamali most recently served as the Chief Commercial Officer of Rockley Photonics, where he led commercial strategic planning for the early-stage integrated optics solutions provider. Prior to that, he was Senior Vice President and President of Respiratory, Gastrointestinal & Informatics (RGI) at Medtronic, responsible for the strategic direction, R&D, global execution and leadership of the $3 billion in annual revenue business that included 10,000 team members across four businesses and 14 manufacturing sites. During his tenure at Medtronic, he was also successful in significantly accelerating growth and expanding margins across his division within the company.

"Vafa's extensive knowledge and experience in building teams, developing long-term growth strategies, prioritizing resources, driving execution and delivering growth across the medical device industry make him the ideal leader to shape the direction of NewCo and move the business forward," said Bryan Hanson, President and CEO of Zimmer Biomet. "I look forward to partnering with Vafa – and the leadership team that he builds – through this important transition so we can position NewCo for maximum success."

"I'm so excited to join NewCo at this pivotal time in the company's creation," said Mr. Jamali. "This is a prime opportunity to leverage my experience in execution and value creation for NewCo. I am looking forward to working closely with the new team to develop and drive investment strategies and a plan for long-term growth in the Spine and Dental markets – all with a relentless focus on delivering for patients, customers, team members and our future shareholders."

With more than 25 years of experience in the medical device industry – including 20 years in executive leadership positions – Mr. Jamali has extensive knowledge in a variety of medical device specialties. Before leading the RGI business, he served as Senior Vice President and President of Early Technologies at Medtronic. Prior to Medtronic, he held leadership roles at Covidien, Cardinal Health, and Baxter. Mr. Jamali received his Bachelor of Commerce degree with distinction from the University of Alberta in Edmonton, Canada. He has completed a number of executive leadership programs, including the Harvard Executive Leadership Program in 2020. Mr. Jamali also serves on the Board of Directors for Baylis Medical, a manufacturer of innovative cardiology devices.

About the Company

Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer Biomet is a global leader in musculoskeletal healthcare. We design, manufacture and market orthopedic reconstructive products; sports medicine, biologics, extremities and trauma products; office-based technologies; spine, craniomaxillofacial and thoracic products; dental implants; and related surgical products.

We collaborate with healthcare professionals around the globe to advance the pace of innovation. Our products and solutions help treat patients suffering from disorders of, or injuries to, bones, joints or supporting soft tissues. Together with healthcare professionals, we help millions of people live better lives.

We have operations in more than 25 countries around the world and sell products in more than 100 countries. For more information, visit www.zimmerbiomet.com, or follow Zimmer Biomet on Twitter at www.twitter.com/zimmerbiomet.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including any statements about our forecasts, expectations, plans, intentions, strategies or prospects. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual outcomes and results to differ materially from the forward-looking statements. These risks, uncertainties and changes in circumstances include, but are not limited to, statements regarding the anticipated spin-off of our Spine and Dental businesses, the future financial and operating performance of each company following the transaction, benefits and synergies of the transaction, strategic and competitive advantages of each company, and future growth and other opportunities for each company. There is no assurance that the proposed transaction will be completed, that our Board of Directors will continue to pursue the proposed transaction (even if there are no impediments to completion), or that the proposed transaction will be the most beneficial alternative considered. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, regulatory and technological factors affecting our operations, markets, products, services, customers and suppliers, the impact of the COVID-19 pandemic, as well as any changes in or abandonment of the proposed transaction and our ability to satisfy the conditions to the proposed transaction, and such forward-looking statements are not guarantees of future performance. A further list and description of these risks and uncertainties and other factors can be found in our filings with the U.S. Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, www.zimmerbiomet.com or on request from us. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this news release are cautioned not to rely on these forward-looking statements since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary note is applicable to all forward-looking statements contained in this news release.