Invacare enters cooperation agreement 

ELYRIA, Ohio – Invacare has entered into a cooperation agreement with its largest shareholder, Azurite Management LLC, which currently owns about 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 Rosen and Ambassador Edward Crawford effective immediately.

“Following constructive dialogue and collaboration with Azurite, we are pleased to strengthen our board with the addition of Mr. Rosen and Ambassador Crawford,” said Matt Monaghan, chairman, president and CEO. “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.”

Rosen will serve on the company’s Audit and Compensation and Management Development Committees and Crawford will serve on its Nominating and Governance Committee.

As a result of other business commitments, Julie Beck and Stephanie Fehr have resigned from the board. With these changes, the number of Invacare directors remains at eight, seven of whom are independent.

The company says it remains committed to appointing at least one director who is racially and/or ethnically diverse by its next annual meeting.