CLEVELAND, March 7, 2011 /PRNewswire/ -- HGI Global Holdings, Inc., a leading provider of specialty medical products to chronic disease patients, today announced the appointment of Michael B. Petras, Jr. as Chief Executive Officer, effective March 21.
Mr. Petras, 43, joins HGI from GE Lighting, the Cleveland-based $3 billion unit of General Electric Company (NYSE: GE) where he served as President and Chief Executive Officer. Michael has held general management positions within General Electric since 1995. Since 2005, he has been responsible for multi-billion dollar businesses, managing supply chain, marketing, finance, manufacturing, and engineering and administration functions.
The CEO role has been vacant since October 2010, when HGI was acquired by Clayton, Dubilier & Rice, LLC (CD&R) and GS Capital Partners. Today's announcement follows the recent promotion of Kurt Packer to the position of President and Chief Operating Officer.
"Michael is a proven business builder with a passion for growing businesses and leading large, complex enterprises to new levels of financial and operating performance excellence," said Paul S. Pressler, Chairman of HGI and an Operating Partner at CD&R. "He is well versed in distribution businesses and will bring to the organization deep sales, marketing and brand management experience."
Mr. Petras said, "HGI is a very dynamic company operating in a large and growing market with a long history of improving the quality of patient care and lowering healthcare costs for patients and managed care organizations. I look forward to working with the talented HGI team to build on their impressive accomplishments in serving its valued customer network and ultimately those people who depend on the specialty medical products the company distributes."
Prior to leading GE Lighting, Mr. Petras was Presi