Invacare Corporation‘s founder, A. Malachi Mixon III, is retiring as the executive chairman of the company’s board of directors.

The retirement will become effective Dec. 21. Mixon, 74, will continue to be a non-employee member of the board until next year, when he will reach the board’s mandatory retirement at age 75.

”Over the past 35 years, I have had the privilege of leading and guiding Invacare’s evolution into a global manufacturer and distributor of medical devices that promote recovery and active lifestyles,” Mixon said in a statement. “At this important transition point in the company’s history, I feel that now is the appropriate time for me to retire and let the next generation of leadership guide the company into the future.”

During his tenure, Invacare grew from annual net sales of $19 million into a global home medical device company of $1.4 billion in 2013, the company noted. The terms of Mixon’s retirement are detailed in a Form 8-K to be filed with the United States Securities and Exchange Commission.