Meelia era ends at Covidien as Almeida set to take over company

Covidien CEO Rich Meelia

Meelia

Richard Meelia, the CEO who led Covidien plc (NYSE:COV) in its various incarnations for more than two decades will hand over the keys to the corner officer to José (Joe) Almeida today without fanfare.

Meelia, 62, was named president & CEO of Covidien in June 2007, after it was spun out of the disintegrating Tyco International. He was elected chairman in October 2008 and has been with the company in its different forms for 20 years.

Meelia was also president at Kendall Healthcare Products Co., which was spun into Tyco Healthcare and then Covidien, growing the business from $600 million to more than $10.4 billion in 2010.

Meelia will stay on as non-executive chairman of Covidien’s board for a transition period of up to a year after his retirement, according to a press release

Listen to incoming Covidien CEO Joe Almeida discuss his new position at the MassDevice Big 100 Regional Roundtable on July 11

In a statement sent to MassDevice Meelia said he had every confidence in his successor.

“Joe Almeida is a great leader who has proven his mettle over many years, most recently in his outstanding direction of our Medical Devices segment,” he said. “As I prepare to transition my responsibilities to Joe, I have every confidence that, backed by our superb global workforce, he will lead our Company on to even better performance and greater success in the years to come.”

In December, a contemplative Meelia discussed his tenure with both Covidien and Tyco, saying that the biggest challenge for him was transforming the culture of the company from an “EPS [earnings per share] era to the innovation-era,” putting significant resources into research and development.

Meelia also detailed navigating the company through the 2002 scandal involving Kozlowski, the former CEO of Tyco, who was convicted in 2005 of taking more than $100 million from the company. He is serving eight to 25 years in a New York state prison.

“No one knew that there were all these apartments, $6,000 shower curtains, $15,000 umbrella stands, forgiven loans. That was when it wasn’t so great to be a part of Tyco,” he said. “That was when all the U.S Surgical t-shirts and the Kendall t-shirts started being worn and all the Tyco clothing was put in the back of the closet.”

Meelia said Tyco Healthcare’s decision to preserve the brands of the companies it acquired “saved our bacon” during the scandal, as they avoided being lumped in with other corporate pariahs like Enron.

The scandal taught him a valuable lesson about compliance, he noted.

“If you don’t have the compliance, the controls, the processes, the policies, the things that keep you out of trouble, you just get into places you don’t ever want to be,” Meelia said. “The first time I understood what a forensic accountant was was when I had 12 of them sitting across the table from me. We were fortunate we had good control that didn’t cause any criminal activity, but that was just luck.”

In addition to his obligation to COV, Meelia has also rejoined the board of directors at Braintree, Mass.-based blood management company Haemonetics Corp. (NYSE:HAE).

RSS From Medical Design & Outsourcing

  • Herrmann Ultrasonics, Inc. announces its 25 Year Anniversary
    In 1990, Thomas Herrmann, the son of Walter Herrmann, who founded Herrmann Ultraschalltechnik GmbH in 1961, established Herrmann Ultrasonics Inc. in the Chicago area. Hermann Ultrasonics, Inc. is proud to recognize a milestone year in observance of their 25th anniversary. Herrmann Ultrasonics has been focused on providing ultrasonic welding technology for various markets such as […]
  • Consumer Health Applications receive the most attention today, but the future is elsewhere
    Wearables for health fall into a wide range of technologies, functions, use cases and over-arching regulatory frameworks that developers and prospective entrants have to understand in order to effectively compete. Using an underlying taxonomy for human health, we establish a health-focused wearables taxonomy around three major categories—applications, use cases, and form factors—the three areas critical […]
  • Paralyzed men move legs with new non-invasive spinal cord stimulation
    Five men with complete motor paralysis were able to voluntarily generate step-like movements thanks to a new strategy that non-invasively delivers electrical stimulation to their spinal cords, according to a new study funded in part by the National Institutes of Health. The strategy, called transcutaneous stimulation, delivers electrical current to the spinal cord by way […]
  • SCHURTER’s new power entry module offers IP 54 protection with V-Lock cord sets
    SCHURTER is pleased to announce, that its power entry module, series 5707, now offers IP 54 protection with V-Lock cord sets at the power input, in addition to IP 65 protection to the equipment. The sealed module is ideal for use in medical equipment exposed to leaks, drips and spills, as well as equipment subject […]
  • GlobTek presents its latest level VI AC/DC adapter and connverter
    T-43086-WWVV-X.X-Q Model is an addition to GlobTek’s Level VI compliant GT-43086 family and represents GlobTek’s 6 Watt wall plug-in series of AC/DC adapters (power supplies and chargers) with International Interchangeable blades. GlobTek’s changeable input blade system with individual field replaceable input plugs, including: North America and Japan NEMA 1-15P, Australian, UK BS 1363, European CEE […]
  • Sanmina’s familiarity with FDA gets skin treatment product to market fast
    The medical market for cosmetic devices is booming. However, quickly launching new products to meet demand is becoming more challenging because device manufactures face increased regulatory scrutiny. To help meet regulatory requirements, aesthetic and other medical-device OEMs are partnering with electronics manufacturing services (EMS) companies that also offer expertise with the FDA filings necessary to […]
  • Fluid connectors and quick disconnects for IVD equipment from CPC
    Colder Products Company (CPC) offers thousands of tubing connectors, quick disconnects and fittings for smart fluid handling in IVD and analytical equipment. Non-spill connectors speed testing throughput by eliminating drips, preventing air inclusion and increasing operator safety. Panel mount connectors can be added to existing equipment or bottle caps to provide secure, leak-free connections. Puncture […]
  • 310 Watt desktop medical power supply meets efficiency level VI requirements
    Power Partners releases a new 310 Watt medical grade desktop power supply from their PEAMD Series of AC and DC adapters. The 310 Watt unit is packed for ideal performance inside a compact case measuring 7.8 x 4 x 2 in. with a weight of only 3 lbs. The PEAMD310 Series is approved to the latest […]
  • Saelig introduces Multiple Instrument System MIS4 universal test system
    Saelig Company has introduced the ABI Electronics’ Multiple Instrument Station MIS4, an all-in-one testing tool that provides all commonly required test instruments in one compact programmable hardware module, mounted in a compact case or installed in a PC-drive bay. Controlled by ABI’s sophisticated SYSTEM 8 Ultimate PC software with a simple yet programmable operator interface, […]
  • AssurX announces document management software update for small to mid-size companies in FDA regulated industries
    AssurX, an enterprise quality management, risk and regulatory compliance solution provider, announces the release of the latest update to their AssurX document management software. The document management solution provides a cost-effective solution for small to medium sized companies faced with streamlined operations and is fully compliant for FDA regulated industries. Ideal solution for small to […]
  • Saelig presents new Amplicon Impact-R 1100F series computer
    Saelig Company announces the Amplicon Impact-R 1100F series, a fanless system powered by the Intel ATOM D2550 processor. Configured with a high performance 2.5 in. MLC Solid State Drive (SSD), the Impact-R 1100F series is a silent controller system. With options for multiple serial communication ports, the Impact-R 1100F can offer up seven DB9 connections […]

Leave a Reply