ELYRIA, Ohio (August 25, 2022)—Invacare Corporation announced that it has entered into a cooperation agreement with its largest shareholder, Azurite Management LLC, which currently owns approximately 10.3% of the company’s outstanding shares as of June 30, 2022. As part of the agreement, Invacare appointed two new independent directors, Steven H. Rosen and Ambassador Edward F. Crawford, effective immediately. Rosen will serve on the company’s Audit and Compensation and Management Development Committees, and Crawford will serve on the company’s Nominating and Governance Committee.
“Following constructive dialogue and collaboration with Azurite, we are pleased to strengthen our board with the addition of Mr. Rosen and Ambassador Crawford. They bring a wealth of experience in operations and business transformation, and their familiarity with Invacare’s history will be invaluable. We look forward to collaborating with them on ways to accelerate our business evolution and enhance profitability,” said Matt Monaghan, chairman, president and chief executive officer.
“Ambassador Crawford and I are excited to join Invacare’s board of directors, and work with the board and management team to drive operational improvements which will enhance both shareholder value and Invacare’s leadership position,” said Rosen.
Rosen currently serves as the co-founder and co-chief executive officer of Resilience Capital Partners LLC, a private equity firm based in Ohio, where he is involved with all aspects of Resilience Capital’s operations, including developing and maintaining relationships with investors and investment intermediaries and the firm’s strategic planning efforts. Rosen has a wide range of experience in operations, strategic planning and assisting companies undergoing strategic transformation. Rosen has been a director of Zanite Acquisition Corporation from 2020 to May 2022, Park-Ohio Holdings Corp since 2011, Crawford United Corporation ince 2012 and AmFin Financial Corporation since 2018. Rosen graduated from University of Maryland and received an MBA from the Weatherhead School of Management at Case Western Reserve University. Rosen is a member of many professional organizations, including the Turnaround Management Association and the Young Presidents Organization. He has been granted 11 patents by The United States Patent and Trademark Office.
Crawford currently serves as a member of the board of Park-Ohio Holdings Corp., a public company based in Ohio and previously served as its chairman and chief executive officer from 1998 until 2018, and president from 1997 to 2003. He also is serving as chairman of the board of Crawford United Corporation since 2021 and previously served on its board from 2012 to 2019. He served as the U.S. Ambassador to Ireland from 2019 to 2021. Crawford serves as a member of the board of advisors at Resilience Capital Partners LLC. Crawford has extensive experience in strategic planning and operations, as well as knowledge of public and private company strategy.
As a result of other business commitments, Julie A. Beck and Stephanie L. Fehr have resigned from the board effective Aug. 22, 2022.
Monaghan said, “I would like to thank Julie and Stephanie for their exemplary service to Invacare and wish them the best in their future endeavors.”
With the changes announced today, the number of Invacare directors remains at eight total members, seven of whom are independent. The company remains committed to appointing at least one director who is racially and/or ethnically diverse by the next annual meeting.
Under the terms of the cooperation agreement between Invacare and Azurite, Azurite has agreed to customary standstill, voting and other provisions. The full cooperation agreement will be filed on a Form 8-K with the Securities and Exchange Commission.
Visit invacare.com for more information.
