Thursday, medical devices manufacturer Boston Scientific Corp. (BSX) announced the retirement of President and Chief Executive Officer Jim Tobin, who will be suceeded by Ray Elliott, former CEO of Zimmer Holdings Inc. (ZMH), effective July 13. Elliott, who was a member of the Boston Scientific board of directors from 2007 until earlier this year, will rejoin the board in addition to his new positions.
Elliott, 59, was with orthopedics company Zimmer Holdings for 10 years, joining the company as President in 1997, and has served as Chairman, President and Chief Executive Officer of Zimmer since the company went public in 2001, until 2007.
Boston Scientific pointed out that Zimmer's sales during Elliott's leadership increased from about $1 billion in 1997 to approximately $4 billion in 2007. He oversaw taking Zimmer public in 2001, with an initial market capitalization of approximately $5 billion, while at the time of his resigning, the company's market capitalization was more than $20 billion.
Prior to joining Zimmer, Elliott, who has more than 35 years of experience in health care and consumer products companies, had served as President and CEO of Cybex International Inc., a medical rehabilitation and cardiovascular products company.
He was also the President and Chairman of various divisions of communications firm Southam Inc., and Group President of the food and beverage company John Labatt Ltd. In the initial 15 years of his career in health care industry, he was with American Hospital Supply Corp., now Baxter International Inc. (BAX).
Commenting on his appointment, Elliott said, "It's an honor to follow Pete and Jim as the CEO of Boston Scientific, a company with great products and technologies, a rich pipeline creating substantial future growth potential, and of course, outstanding people."
Tobin, 65, who was named the CEO of Boston Scientific ten years ago, said, "Over the course of the past decade, we have built a stronger, more diversified company that is well positioned for the future."
Earlier, on May 27, Boston Scientific announced that Ursula Burns and Kristina Johnson resigned from its Board of Directors, after Burns was named Chief Executive Officer of the Xerox Corp. (XRX), effective July 1, while Dr. Johnson has been confirmed by the U.S. Senate as Under Secretary in the Department of Energy. In March, the company's Board elected John Sununu as a Director.
BSX is currently trading at $9.72 in the pre-market activity on the New York Stock Exchange, up $0.21 or 2.21%.
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