Mahoney: Too much CEO turnover at Boston Scientific

Michael Mahoney headshot

There’s been too much turnover in the corner office at Boston Scientific (NYSE:BSX), and Michael Mahoney aims to change that, he told an audience at the J.P. Morgan Healthcare Conference in San Francisco today.

"I’m really making a long-term commitment to the company," Mahoney said today. "I absolutely love it, I’m enjoying what I’m doing."

Mahoney officially took over the corner office in November 2012, marking the end of a year-long "transition period" for the new CEO. He had spent just over a year at Boston Scientific as president, after being recruited from rival device maker Johnson & Johnson‘s (NYSE:JNJ) diagnostics and devices group.

Late last year Boston Scientific announced Mahoney as the successor to former CEO J. Raymond Elliott, who manned the corner office for 2 years before announcing his retirement in May 2011.

Elliott took over in August 2009 at the end of Jim Tobin’s controversial 10-year reign, which oversaw the unfortunate Guidant Corp. acquisition, which has since been named the "second-worst" merger of all time, trailing only the ill-fated Time Warner-AOL union.

Elliott officially retired in October 2011, the day Mahoney joined the company, and handed the keys over to interim CEO Hank Kucheman, who retired the position to make way for Mahoney.

Some stability in the corner office could be the reason BSX shares have been on a roll lately. Shares of BSX are up neary 20% since closing at $5.14 on October 31st, the day before Mahoney officially took the corner office.

Boston Scientific shares were up nearly 3% from yesterday’s closing price of $5.98 in late day trading on Wall Street amid heavy trading.

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