Petit out at MiMedx ‘for cause’

Parker “Pete” Petit, who stepped down earlier this year as CEO and chairman of Marietta-based biopharma company MiMedx, now has resigned from its board of directors.

In a filing to federal regulators late Thursday, the company said that he had submitted his resignation that day, effective immediately. It also said that the board and the compensation committee was considering his departure and that of three other senior companies executives as terminations for cause.

Petit and others “engaged in, among other things, conduct detrimental to the business or reputation of the company,” the news release said.

Earlier Thursday, the AJC had reported that in an ongoing investigation of use of the company’s products at Veterans Affairs facilities, four podiatrists and a dermatologist at the VA Medical Center in Minneapolis had resigned or retired in lieu of termination. A VA spokesman said the proposed terminations involved issues with MiMedx products.

This is a developing story. Check back at AJC.com for updates.

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