• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
    • Cardiovascular
    • Orthopedics
  • Wall Street Beat
    • Funding Roundup
    • Mergers & Acquisitions
  • Podcasts
    • DeviceTalks Weekly
  • Resources
    • About MassDevice
    • Newsletter Signup
    • Job Board
    • Leadership in Medtech
    • Manufacturer Search
    • MedTech 100 Index
    • Videos
    • Whitepapers
  • DeviceTalks Tuesdays
    • DeviceTalks
  • Coronavirus: Live updates
Home » Meelia era ends at Covidien as Almeida set to take over company

Meelia era ends at Covidien as Almeida set to take over company

June 30, 2011 By MassDevice staff

Covidien CEO Rich Meelia

Meelia

Richard Meelia, the CEO who led Covidien plc (NYSE:COV) in its various incarnations for more than two decades will hand over the keys to the corner officer to José (Joe) Almeida today without fanfare.

Meelia, 62, was named president & CEO of Covidien in June 2007, after it was spun out of the disintegrating Tyco International. He was elected chairman in October 2008 and has been with the company in its different forms for 20 years.

Meelia was also president at Kendall Healthcare Products Co., which was spun into Tyco Healthcare and then Covidien, growing the business from $600 million to more than $10.4 billion in 2010.

Meelia will stay on as non-executive chairman of Covidien’s board for a transition period of up to a year after his retirement, according to a press release

Listen to incoming Covidien CEO Joe Almeida discuss his new position at the MassDevice Big 100 Regional Roundtable on July 11

In a statement sent to MassDevice Meelia said he had every confidence in his successor.

“Joe Almeida is a great leader who has proven his mettle over many years, most recently in his outstanding direction of our Medical Devices segment,” he said. “As I prepare to transition my responsibilities to Joe, I have every confidence that, backed by our superb global workforce, he will lead our Company on to even better performance and greater success in the years to come.”

In December, a contemplative Meelia discussed his tenure with both Covidien and Tyco, saying that the biggest challenge for him was transforming the culture of the company from an “EPS [earnings per share] era to the innovation-era,” putting significant resources into research and development.

Meelia also detailed navigating the company through the 2002 scandal involving Kozlowski, the former CEO of Tyco, who was convicted in 2005 of taking more than $100 million from the company. He is serving eight to 25 years in a New York state prison.

“No one knew that there were all these apartments, $6,000 shower curtains, $15,000 umbrella stands, forgiven loans. That was when it wasn’t so great to be a part of Tyco,” he said. “That was when all the U.S Surgical t-shirts and the Kendall t-shirts started being worn and all the Tyco clothing was put in the back of the closet.”

Meelia said Tyco Healthcare’s decision to preserve the brands of the companies it acquired “saved our bacon” during the scandal, as they avoided being lumped in with other corporate pariahs like Enron.

The scandal taught him a valuable lesson about compliance, he noted.

“If you don’t have the compliance, the controls, the processes, the policies, the things that keep you out of trouble, you just get into places you don’t ever want to be,” Meelia said. “The first time I understood what a forensic accountant was was when I had 12 of them sitting across the table from me. We were fortunate we had good control that didn’t cause any criminal activity, but that was just luck.”

In addition to his obligation to COV, Meelia has also rejoined the board of directors at Braintree, Mass.-based blood management company Haemonetics Corp. (NYSE:HAE).

Filed Under: News Well Tagged With: Covidien, Personnel Moves, Tyco Healthcare

In case you missed it

  • Vaccine panel postpones vote on J&J COVID-19 vaccine pause
  • Innocoll Biotherapeutics initiates Phase 3 trials for collagen drug-device
  • More than 50 medtech testing sites win FDA pilot accreditation
  • EU won’t renew J&J, AstraZeneca vaccine contracts, report says
  • Better Therapeutics initiates real-world study for digital therapeutic for diabetes
  • Pfizer to boost vaccine production for U.S. by 10%
  • 9 things to know as AstraZeneca and J&J COVID-19 vaccines face safety scrutiny
  • Medline Industries up for sale?
  • OncoSec wins CE mark for electroporation device to treat solid tumors
  • Medtronic launches 7-day infusion set for diabetes in Europe
  • Ortho Clinical Diagnostics lands CE mark for high-volume COVID-19 test
  • Outset Medical closes $149.7M public offering
  • CeQur raises $115M for wearable insulin delivery device
  • Survey shows solid medical device industry performance despite pandemic
  • Cardinal Health wins $58M federal PPE contract
  • SentiAR closes $5.1M Series A
  • Endologix acquires PQ Bypass

RSS From Medical Design & Outsourcing

  • More than 50 medtech testing sites win FDA pilot accreditation
    The FDA announced today that more than 50 laboratory sites were chosen to participate in its program for streamlined regulatory reviews. In total, 53 sites made the FDA’s initial list for participation in its Accreditation Scheme for Conformity Assessment (ASCA) program, which will set out to support more streamlined regulatory reviews of medical device market… […]
  • Medline Industries up for sale?
    Medline Industries is looking for a buyer in a deal that could be worth $30 billion, according to a report in the Wall Street Journal. The Journal cites “people familiar with the matter” saying that Northfield, Ill.-based Medline has hired Goldman Sachs to manage the process. The people added that the company might alternatively seek… […]
  • Micro to add plant in Costa Rica
    Contract manufacturer Micro today announced plans to open a new plant in Costa Rica. The 32,000 ft² facility will significantly increase Micro’s cleanroom assembly capacity, according to the Somerset, N.J.-based company. It will be located in the Zona Franca Metro business park and is expected to open in late 2021 with operations beginning in 2022.… […]
  • Survey shows solid medical device industry performance despite pandemic
    By Stewart Eisenhart, Emergo Group Medical device and IVD manufacturers report healthy performance over the course of 2020, but also faced significant operational and regulatory challenges related to the coronavirus pandemic. Get the full story here at the Emergo Group’s blog. The opinions expressed in this blog post are the author’s only and do not… […]
  • Cardinal Health wins $58M federal PPE contract
    Cardinal Health (NYSE: CAH) today said it has won a $57.8 million contract from the U.S. Dept. of Health and Human Services to support the Strategic National Stockpile. The Dublin, Ohio-based company received the contract, which includes options that if exercised by the HHS could reach $91.6 million, to store and distribute 80,000 pallets of… […]
  • Qosina adds single-use bioprocessing devices
    Qosina this week launched its product line for the single-use bioprocess industry. The new product line includes tube-to-tube bard connectors, luer fittings, check valves, tubing pinch clamps, tubing, steam thru connectors and more. Get the full story on our sister site, Medical Tubing + Extrusion. The post Qosina adds single-use bioprocessing devices appeared first on […]
  • Could BrainCheck’s simple test help COVID long-haulers?
    BrainCheck‘s eponymous mobile neurocognitive test can detect dementia and concussion. But it has a new application: post-COVID brain fog. Developed by neurologists at Baylor College of Medicine’s Eagleman Laboratory for Perception and Action, BrainCheck carries an FDA Class II Software as a Medical Device (SaMD) designation and can be used on a tablet or laptop… […]
  • XL Precision Technologies holding an April 28 webinar about laser tech
    XL Precision Technologies is holding an online webinar on April 28 at 8 a.m. Eastern time (1 p.m. U.K. time) about laser technology in medical device manufacturing. Register for the webinar here: https://bit.ly/XL-MER-Webinar2 Stockton-on-Tees, U.K.–based XL Precision Technologies provides laser welding, laser cutting of fine tubes and flat material and laser etching of components. It’s… […]
  • Medical device companies put $3.6 billion in docs’ pockets, study finds
    Medtech companies paid $3.62 billion for access to physicians — 10% more than drug companies did — from 2014 to 2017, according to new research. Device company payments to surgical specialists were significantly more tied to the surgeons’ Medicare billing than payments from drug companies to specialists, according to the study, which appears in the… […]
  • FDA slaps Class I label on rapid infuser recall
    The FDA today declared that the recall of an emergency infusion device kit is the most serious type. The recall covers three models of disposable sets made by Smisson-Cartledge Biomedical for its ThermaCor 1200 rapid infuser, which is used for fluid or bolus delivery. The system is made of a footswitch for hands-free fluid control,… […]
  • Cretex breaks ground on new plant north of Minneapolis
    Cretex Cos. last week broke ground on a new 245,000 ft2 medical device contract manufacturing plant in Brooklyn Park, Minn. Elk River, Minn.–based Cretex plans to complete facility construction by the end of the year. The company expects the facility by the end of 2022 to house its stamping, molding and tool design — and… […]

Leave a Reply Cancel reply

You must be logged in to post a comment.

Primary Sidebar

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Need Medtech news in a minute?
We Deliver!

MassDevice Enewsletters get you caught up on all the mission critical news you need in med tech. Sign up today.

Tweets by @MassDevice
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion

MASSDEVICE

Subscribe to MassDevice
Advertise with us
About
Contact us

Add us on Facebook Follow us on Twitter Connect with us on LinkedIn Follow us on YouTube

Copyright © 2021 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Advertise | Privacy Policy | RSS