Dentsply Sirona Appoints New Chief Financial Officer, John Fortson to Take Office on July 20
Dentsply Sirona announced on Thursday via securities filings and a press release the appointment of John Fortson as its new Chief Financial Officer, effective July 20. Fortson, 58, brings over 25 years of financial, operational, and strategic leadership experience, having served as CFO or CEO at multiple global manufacturing and industrial companies. Former CFO Matthew Garth abruptly left last November after only six months in the position. The company had previously undergone leadership changes and an accounting review, with the U.S. Securities and Exchange Commission recently closing its investigation without recommending enforcement action.
Key Takeaways
- Dentsply Sirona has appointed John Fortson as its next chief financial officer, effective July 20, according to a securities filing and press release Thursday. Fortson currently serves as CFO of Kymera International, a metals and coatings manufacturer.
- The dental supplies provider's previous CFO, Matthew Garth — a former finance chief at Scotts Miracle-Gro — abruptly departed in early November after just six months on the job, CFO Dive previously reported.
- Within weeks, the Charlotte, North Carolina-based company named GE veteran Michael Pomeroy as interim CFO, according to a separate securities filing at the time. Pomeroy was set to support CEO Daniel Scavilla, who continued to serve as the company's principal financial officer until a permanent CFO was identified.
Deep Dive
Fortson, 58, brings more than 25 years of leadership experience across finance, operations, and strategy, and has served as CFO or CEO for over a decade at global manufacturing and industrial companies, according to Thursday's press release. Earlier in his career, he served in the U.S. Army Rangers.
"After an extensive search, John emerged as the clear choice for our next CFO, with his rare combination of public company CFO experience, CEO perspective, capital markets expertise, and a proven track record of driving growth and operational excellence at scale," Scavilla said in a statement in the release. Scavilla noted Fortson will help advance the company's return-to-growth plan.
Fortson's compensation package includes an annual base salary of $780,000 and a $500,000 signing bonus — which is subject to repayment if his employment is terminated for any reason other than an involuntary termination without cause within 12 months, according to a filing with the U.S. Securities and Exchange Commission. He is also eligible for an onboarding equity award with a target value of $700,000 and will be eligible for an annual equity award with a target value of $2.5 million next year.
Fortson joins a company that, in recent years, has sought to pivot to growth after navigating leadership changes and accounting issues.
In 2022, Dentsply announced an accounting investigation into financial reporting practices, including during the tenure of its former CFO, Jorge Gomez. Gomez had previously departed to join pharmaceutical giant Moderna.
Gomez abruptly left his top finance post at Moderna after just one day, a move that coincided with Dentsply's announcement of its internal investigation. Dentsply found no intentional misconduct in its probe but noted the former CFO violated portions of its code of ethics and business conduct, CFO Dive reported at the time.
In October, Dentsply received good news: the SEC announced it had concluded its investigation into the company — which stemmed from an internal review Dentsply initiated in May 2022 — and indicated it did not intend to recommend enforcement action, according to a filing.