Baxter (NYSE:BAX) said yesterday that it tapped former Covidien chief José Almeida to replace Robert Parkinson Jr. as chairman & CEO after Parkinson’s retirement next year.
Almeida, who led Covidien to its $50 billion acquisition by Medtronic early this year, will start immediately at Deerfield, Ill.-based Baxter to get up to speed, the company said.
When Baxter announced Parkinson’s pending retirement in July, Parkinson said the time is right for retirement, given his impending 65th birthday and 11 years at the helm of Baxter. Parkinson will stay on to ease the transition and is due to be named chairman emeritus after he retires, Baxter said.
”Joe brings to Baxter tremendous experience in the global medical products marketplace and has a demonstrated record of improving profitability and creating value for all stakeholders,” Parkinson said in prepared remarks. ”His deep understanding of the complex global supply chain will be a great strength for the company as he oversees a broad portfolio of medically necessary products across a geographically expansive marketplace. What Joe brings to Baxter in skill and experience is imperative to the company’s stated goal of accelerating profitable growth over the near and long term.”
”Baxter is a trusted and admired brand in healthcare. The foundational mission of Baxter to save and sustain lives is at the center of the company’s ability to endure, serving the needs of healthcare providers and patients for more than 80 years,” Almeida added. ”Leading the company as it emerges from the spinoff of Baxalta presents an outstanding opportunity to create value and further the company’s mission.”
”We are extremely pleased for Joe to assume the leadership role at Baxter and carry forward important growth initiatives underway, while creating new opportunities to unleash value,” noted lead independent director Thomas Stallkamp. ”Joe has more than 24 years of global healthcare experience and an outstanding record of results and clear alignment to our strategy and culture, which led the board to unanimously endorse him as the right leader for the company. We also owe our gratitude to Bob Parkinson, whose leadership, integrity and vision have transformed and prepared Baxter for sustained success.”
Last week Baxter added Boston Scientific CEO Mike Mahoney to its board, appointing him to its governance and compensation committees.
