Duncan-Williams Reports Wright Medical CEO Resigns

According to Duncan-Williams, Wright Medical Group (NASDAQ: WMGI) CEO has resigned.

Duncan-Williams reported that on April 4, 2011, Mr. Henley tendered his resignation prior to a Board meeting called to discuss management's oversight of the WMGI's ongoing compliance program. “Mr. Henley's resignation was accepted and is considered to be without “good reason” under the terms of his employment agreement. As a result, Mr. Henley is not entitled to severance. We are maintaining our BUY rating and our twelve month price target of $18.50. This represents approximately 20 times our 2011 adjusted EPS estimate of $0.92.”

Wright Medical Group closed yesterday at $18.50.