Eight top executives have departed wound care giant Acelity following its recent $6.7 billion purchase by 3M (NYSE:MMM), according to a report in the San Antonio Express-News.
The executives include Acelity CEO Andrew Eckert, president & COO Gaurav Agarwal, CFO Tracy Jokinen, general counsel John Bibb, international president Ramesh Subrahmanian and Rohit Kashyap, president of global commercial, the newspaper reported.
Eckert joined the San Antonio Texas-based company in April 2017 after stints as CEO at Valence Health (acquired by Evolent Health (NYSE:EVH) for $220M in October 2016), and as chairman and CEO of CRC Health Corporation, which Acadia bought in 2015 for $1.2 billion, according to his LinkedIn profile.
Agarwal joined Acelity in 2014 and took on the role of chief commercial officer in 2017. This past April, he became president and COO, according to his LinkedIn profile, which now lists his role as “taking some time off.”
Jokinen and Subrahmanian joined Acelity in June 2017. Bibb had spent more than 16 years at Acelity, and Kashyap worked there for 13 years, assuming the role of president of global commercial in March 2019, according to LinkedIn.
Two senior vice presidents also have departed, according to the Express-News. Vikram Bajaj spent a decade at Acelity, rising to SVP of strategy and business development in 2017. Cindy Beaulieu joined Acelity to lead business transformation February 2018, according to her LinkedIn profile.
3M declined to comment on individual departures.
“Acelity’s approximately 4,500 employees worldwide have become a part of 3M’s Medical Solutions Division, the largest division within 3M’s global Healthcare Business Group,” 3M said in an email to MassDevice. “San Antonio will continue to be a strategic location. Our focus right now is on maintaining business continuity and minimizing any disruption for customers.”
3M closed the $6.7 billion buyout of wound care giant Acelity in October from the private equity consortium that took the company private back in 2011.
Acelity had registered for an initial public offering a month before 3M floated its offer. It was formed after Apax Partners and a pair of Canadian pension funds paid $6.3 billion to take Kinetic Concepts Inc. private. It posted sales of $1.5 billion last year, 3M said.