Dive Brief:

• Dentsply Sirona CFO Matthew Garth has left the company after a six-month tenure in its top financial seat, the company said Thursday in a securities filing. Garth, an alum of the Scotts Miracle-Gro Company, joined the Charlotte, North Carolina-based dental supply company in May and left his position effective Wednesday, according to the filing.
• Garth’s departure was “not because of any disagreement with the Company on any matter relating to the Company’s financial statements, internal controls or operations, including accounting principles and practices,” Dentsply Sirona said in the filing with the Securities and Exchange Commission. Dentsply has tapped Heidrick & Struggles to lead the search for Garth’s successor, it said in announcing the change as part of its third-quarter earnings report Thursday.
• In the interim, Dentsply Board Member Leslie Varon will “provide governance and oversight of the finance organization in her capacity as Audit and Finance Committee Chair,” while CEO and President Daniel Scavilla has been appointed to the role of interim principal financial officer for SEC reporting purposes, the company said.

Dive Insight:

Garth’s departure from the CFO role is the latest in what has become a bit of a revolving door for the dental supply maker in recent years, which began in 2022 when Dentsply announced an accounting probe into actions including its financial reporting under its previous CFO, Jorge Gomez who had departed for Moderna.

Gomez left Moderna after just a day in the pharmaceutical company’s top finance seat in a move that coincided with Dentsply’s announcement of the internal investigation. Dentsply found no intentional wrongdoing as part of the probe, but noted the former CFO had violated part of its ethics and business conduct code, CFO Dive reported at the time.

On Oct. 14, the SEC announced it had completed its investigation into the company related to Dentsply’s internal probe, began in May 2022, and did not intend to recommend enforcement actions, according to a filing.

Meanwhile, Gomez’s successor Glenn Coleman left the role in November 2024 after approximately two years in the seat, with Garth stepping into the role in May.

“We thank Matt for his contributions and wish him all the best in his future endeavors,” a Dentsply spokesperson said of Garth’s departure in an emailed statement. “We remain focused on executing our strategic priorities and continuing to deliver value to our stakeholders.”

The CFO change is also part of a series of leadership shifts made by the company as it looks to execute on a “return to growth” plan aimed at improving its performance, announced as part of its third quarter earnings report Thursday.  

In October, Dentsply appointed Johnson & Johnson MedTech alum Aldo Denti to the role of chief commercial officer, and named Dustin Shields to the position of chief transformation officer effective Dec. 1, according to its earnings report.  

The new leaders will work to achieve Dentsply’s return to growth plan, which focuses on four pillars: enhancing its customer experience; improving its U.S. business; building a “high-performing, accountable culture;” and streamlining its operations in order to free up capital for growth initiatives, the company said Thursday.

The plan was announced as results for its third quarter “fell short of expectations,” Scavilla said in a statement included in its earnings release. Dentsply Sirona reported a 5% year-over-year dip in net sales which fell to $904 million, coming after a 4.9% YoY sales slump the prior quarter. Dentsply also reported a net loss of $427 million for the quarter, according to its earnings report.

In light of its Q3 results and “the identification of key areas for incremental investment expected to occur in the fourth quarter,” Dentsply has also revised its guidance for the full year. While it is still expecting net sales to be a range between $3.6 billion to $3.7 billion, it is now expecting adjusted earnings per share around $1.60, compared to previous guidance of between $1.8 to $2, according to its earnings presentation.