Mahoney, 46, will take over as president of the Natick, Mass.-based medical device giant on October 17th and is expected to transition into the CEO position effective November 1, 2012. BSX officials said the transition period is “being implemented to accommodate Mahoney’s post-employment obligations to Johnson & Johnson, which both Boston Scientific and Johnson & Johnson have agreed is appropriate,” according to a prepared release.
Mahoney will eventually replace Elliott, who has moved up his retirement date to correspond with the October 17 start date. Elliott, who said he was stepping away from the job this spring, was supposed to leave the company at the end of the year. The company said he will remain with BSX through the transition and will retain his seat on the board following his retirement.
Hank Kucheman, currently the executive vice president and group president of the cardiology, rhythm and vascular group, will serve as interim CEO until Mahoney assumes the role full time in the fall of 2012.
Officials said Mahoney will lead the company’s CRM and Endoscopy (GI and Pulmonary) business units as he learns the ropes at BSX.
Mahoney took over as the the diagnostics and devices group chairman at Johnson & Johnson in January, after spending three years in charge of the New Brunswick, N.J.-based medical products conglomerate’s DePuy franchise. Prior to J&J, Mahoney was CEO of Global Healthcare Exchange, a supply chain solutions company that services that bring together hospitals, manufacturers, distributors and GPOs.
“I have great respect for Boston Scientific and its position as a market-leading, global Fortune 500 healthcare company,” Mahoney said in a prepared release. “My experiences leading complex businesses, developing international markets and driving operational excellence for other world-class companies will serve me well in my new role. I am making a long-term commitment to continue Boston Scientific’s focus on innovation and delivering improved patient care while revitalizing the Company’s sustainable growth through the continued execution of its POWER strategy.”
BSX Chairman of the Board and Co-Founder Pete Nicholas was ebullient in his praise for his pick to lead the company into the next generation.
“Mike is a dynamic, seasoned leader and we enthusiastically welcome him into the Boston Scientific family,” Nicholas said in a prepared release. “He is intensely passionate about innovation and people, and creates and encourages a team environment that results in superior performance. This, combined with Mike’s significant international experience made him the best choice for this critical role.”