Patterson Companies Inc. PDCO, +2.68% said Thursday that is has named Don Zurbay as chief executive officer. Zurbay, who was most recently the dental and animal health company’s chief financial officer, succeeds Mark Walchirk as CEO. Walchirk had resigned from the company, after it was determined that he “violated company policy and demonstrated poor judgment regarding an encounter with an employee,” Patterson said in a statement. Current Corporate Controller Kevin Barry was named interim CFO. “Patterson is committed to cultivating a people-first culture where every employee is treated with respect and those standards apply to every member of the organization,” said Chairman John Buck. “Immediately upon becoming aware of the allegation, the independent directors conducted a comprehensive investigation with the support of independent, outside legal counsel and determined that Mark could not remain in his leadership position.” Separately, the company affirmed its fiscal 2023 guidance for adjusted earnings per share of $2.25 to $2.35, which surrounds the FactSet consensus of $2.27. The stock, which was still inactive in premarket trading, has dropped 15.2% over the past three months while the S&P 500 SPX, +2.16% has lost 5.9%.
