Name: Kai Zhu
New title: Invacare Senior Vice President and CFO
Previous title: Invacare Vice President of Finance, EMEA
Invacare has named Kai Zhu as senior vice president and CFO, effective July 1. The appointment gives the manufacturer of non-acute care medical equipment new leadership as it works to recover from its bankruptcy and financial restructuring.
Ohio-based Invacare filed for Chapter 11 bankruptcy protection in February in a bid to reduce its net debt by 65%. Having guided the company through the process, Kathleen Leneghan, the current senior vice president and CFO, has decided to retire, according to a statement from Invacare. Leneghan will work with Zhu until she leaves the company in October.
Zhu joined Invacare last year as vice president of finance for EMEA. Before taking up the position at Invacare, Zhu was CFO of the Fire Fighting Group for agricultural machinery and transport vehicle business CNH Industrial. Zhu also worked at a dental equipment company from 2015 to 2018.
“Kai brings deep experience and financial acumen to the global leadership team and is well suited to lead our financial organization as Invacare enters its next phase of growth and development,” Invacare CEO Geoffrey Purtill said in a statement.
Zhu, who will receive an initial annual salary of $400,000, is relocating from Germany to the U.S. to take up the new position, and his employment arrangements include flights between the two countries for him and his family. The appointment puts Zhu in a leading role as Invacare works to return to growth after the bankruptcy process.
Invacare named Leneghan as permanent CFO in 2018, months after she took on the job on an interim basis. Leneghan has worked at the company for more than 30 years. According to a filing by the company, “Leneghan did not express any disagreement with the Company on any matter relating to the Company’s operations, policies or practices, including its controls or financial-related matters.”