Boston Scientific Corp. (NYSE:BSX) is looking for a new CEO, after J. Raymond Elliott announced he will be retiring at the end of the year.
Elliott, 61, said his retirement from the Natick, Mass.-based medical device maker will be effective as of December 31, 2011. Company officials said BSX has appointed a special search committee to find Elliott’s replacement. Elliott is expected to stay on the company’s board of directors as a non-executive director. He took the helm in July 2009, replacing James Tobin.
“It has been, and continues to be, an honor to lead Boston Scientific, but after nearly 40 years in healthcare, the last 33 of those in general management and as a company president, it’s time for me to permanently pass the baton to a long-term CEO,” Elliott said in a prepared release. ” Finding the right time to leave is difficult. Leaving too soon or staying too long can both be problematic. However, this decision is mine and mine alone. I am grateful to have received tremendous Board and employee support as CEO, often during challenging times.”
On Wall Street, the news of Elliott’s departure was poorly received. Shares of BSX took a nose dive, dropping nearly 10 percent from an opening price of $7.71 per share following the announcement. Shares of BSX have since rebounded slightly, but are still off some 8 percent in late afternoon trading.
Boston Scientific’s share price had been on a bit of a roll as of late, thanks to stronger than expected Q1 earnings from the company.