Former Boston Scientific CEO James Tobin, who presided over the med-tech giant's
disastrous blockbuster acquisition of Guidant Corp., joins the board of directors at heart device maker Aptus Endosystems.
Former Boston Scientific Corp. (NYSE:BSX) CEO James Tobin joined the board of directors at Aptus Endosystems Inc., a device company specializing in treating abdominal aortic aneurysms.
Tobin made quite a name for himself while occupying the corner office at med-tech giant Boston Scientific, where he was chief for a decade. He officially retired in July 2009 and was succeeded by Ray Elliott.
Boston Scientific went through unprecedented growth during Tobin's tenure, with annual sales jumping from $2.8 billion to $8 billion in 2008, peaking at $8.4 billion in 2007. Tobin also led a hiring spree, more than doubling the size of the company – from 12,615 employees when he took the helm to a high-water mark of 28,600 in 2006.
But cost constraints and mounting debt prompted layoffs for about 4,000 workers over his last two years; at the end of 2008, the company employed 24,800 people worldwide.
In April 2009, Forbes named Tobin one of the "most overpaid" CEOs in business. He took home $8.6 million in total compensation in 2008, slightly less than the $9 million he received in 2007. He walked away from the device giant with a severance deal worth $5 million.
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