Earlier, Vaters served as general partner and cofounder of healthcare private equity firm Med Opportunity Partners.

He co-founded the firm after serving as EVP, CFO and head of Strategy of medical device firm Inamed.

The company’s present president and CEO Alan Milinazzo will step down, but will remain on the Board of Directors.

Orthofix Board of Directors chairman Jim Gero said since joining Orthofix as CFO in 2008, Bob has delivered measurable business value in key business.

"We’re also very thankful to Alan for everything he has done for Orthofix over the past 6 years and delighted that he will remain an essential advisor to us as a member of the Board," Gero said.