Hologic (NSDQ:HOLX) said it tapped the former finance vice president at a Johnson & Johnson (NYSE:JNJ) spinout to be its new CFO.
Robert McMahon was worldwide vice president of finance & business development at J&J’s Ortho-Clinical Diagnostics business, according to a press release. McMahon is slated to take the finance reins at Hologic May 26, according to the release.
In late March J&J accepted a $4 billion offer from private equity giant Carlyle Group to acquire the Ortho-Clinical Diagnostics blood testing business. Carlyle beat out several other PE shops with a $4.15 billion bid in January.
McMahon is replacing Glenn Muir, who is slated to retire but will remain available to help with the transition through November, Hologic said. Yesterday Hologic president & CEO Stephen MacMillan, himself a relatively new appointment at the women’s health company, cited McMahon’s 20 years of financial leadership experience in the medical device industry.
“Bob has an established track record leading global finance organizations and he will significantly strengthen our executive team," MacMillan said in prepared remarks. "Bob’s strong operational experience will play an important role as we are repositioning our organization to focus on organic growth via stronger executional discipline. We are building a winning team and Bob brings core skills and leadership capabilities that will help improve our performance."
Hologic also said it named Peter Valenti III as president of its breast health division, also effective May 26. Valenti is a 30-year medical device veteran whose résumé includes stints at Bausch & Lomb, Covidien (NYSE:COV), J&J and the New England Consulting Group, according to the release.
"Peter is a welcomed addition to the team as part of the new leadership structure," MacMillan said. "Our enhanced senior leadership team is squarely focused on accelerating organic growth, improving our operating and financial performance, and continuing to deliver the best solutions for our customers. Peter’s track record of accelerating growth in businesses combined with his strong marketing background will be an important addition to our organization."
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