By Colin Kellaher

Invacare Corp. on Monday said it has fired Matthew Monaghan as president and chief executive and removed him as chairman, a week after the maker of medical equipment reached a cooperation agreement with its largest shareholder.

Invacare said Geoffrey Purtill, who had been senior vice president and general manager for EMEA and APAC, will serve as interim president and CEO while the Elyria, Ohio, company seeks a permanent successor.

Invacare, which has been pursuing business transformation initiatives as it grapples with supply-chain challenges and works to bolster its financial performance, also said Michael Merriman Jr. has rejoined the board as non-executive chairman.

Mr. Merriman, who previously served as a director from 2014 to 2018, succeeds Cliff Nastas as lead independent director, the company said.

Invacare said Mr. Monaghan, who had been chairman, president and CEO since 2015, remains a member of the board.

Invacare last week said it had reached a cooperation agreement with Azurite Management LLC, which owns a roughly 10.3% stake in the company, that included the addition of a pair of new independent directors with business-transformation expertise.

Write to Colin Kellaher at colin.kellaher@wsj.com

$(END)$ Dow Jones Newswires

August 29, 2022 08:02 ET (12:02 GMT)

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