The company also announced the appointment of a new chief operating officer and that its former Kidney Care business now stands alone as “Vantive.”
Almeida retired from all his executive roles but plans to serve in an advisory capacity through Oct. 31, 2025.
Baxter appointed lead independent director Brent Shafer — a former CEO of Cerner with previous medtech leadership experience at Philips and Hillrom — as chair and interim CEO. The company enlisted a leading search firm to assist in recruiting a permanent CEO, with plans to evaluate external and internal candidates.
In conjunction with his appointment, Shafer stepped down from his role as lead independent director. Baxter tapped director Nancy Schlichting to assume the role of lead independent director.
“On behalf of the board, I would like to thank Joe for his leadership and unwavering dedication to Baxter throughout his nine years of service,” said Shafer. “Joe has guided the company through a period of significant evolution and portfolio repositioning, including the recently closed sale of its Kidney Care business, while navigating market challenges and evolving conditions. Thanks to his leadership, today’s Baxter is better able to fulfill its mission of saving and sustaining lives while delivering increased value for patients, customers, employees and its many other stakeholders.
“I look forward to supporting Baxter’s important work in service of its mission and working closely with the Board to identify the permanent CEO.”
More about Almeida and the new COO at Baxter
Almeida took over as CEO in January 2016. Baxter said that, under his leadership, it “meaningfully evolved its strategic positioning, reorienting the company toward higher-growth end-markets.”
The strategic shift under Almeida centered on simplifying the business through the divestment of non-core assets. The company also implemented a new operating model to accelerate innovation and deliver value.
“It has been an immense honor to lead the exceptionally talented Baxter team, which is united by our mission and passionate about serving the more than 350 million patients who count on us every year,” Almeida said. “With the key elements of our broad strategic transformation complete, this is the right time for a new CEO to lead the company into its next chapter.”
Alongside Almeida’s departure, Baxter announced a significant promotion, with Heather Knight taking on the post of EVP and COO. Her appointment goes into effect immediately.
Knight’s responsibilities include day-to-day business operations, such as global sales, marketing, R&D, supply chain and medical and regulatory affairs. She reports to the interim CEO and serves as interim group president for medical products and therapies. Knight previously served as EVP and group president for medical products and therapies. She originally joined the company from Medtronic in 2019.
“I’m excited to assume this new role within Baxter, expanding my focus on operational excellence and performance execution across our organization,” said Knight. “Every day I am driven by our mission, and I am inspired by the opportunity we have before us to further advance Baxter for the benefit of patients and healthcare professionals around the world.”
Kidney Care business finally stands alone
Baxter completed the sale of its Kidney Care business to private equity firm Carlyle Group on Jan. 31, 2025. The companies struck a $3.8 billion agreement for the business last August.
In January 2023, Baxter announced plans to spin its renal care and acute therapies units into an independent, publicly traded company. It said at the time that it expected the company to stand alone in the next 12 to 18 months. In July of last year, Baxter picked “Vantive” as the name of the proposed business.
Vantive said in a news release that, as an independent company, it’s dedicated to elevating the standards of kidney and vital organ therapies with a vision to enable longer, fuller lives for patients everywhere.
“From patients beginning their dialysis journeys to clinicians fighting to save lives in the ICU, accessing the right therapy at the right time is critical. This is why our singular focus as Vantive is to empower more patients and care teams in these moments – with better options, greater control and expanded possibilities,” said Chris Toth, CEO of Vantive. “We are beginning a new era of vital organ therapy innovation, and I am looking forward to working with our 23,000 global Vantive colleagues to make a difference for millions of patients and families around the world.”
