Former Covidien (NYSE:COV) president & CEO Richard Meelia decided not to stand for re-election as chairman of the med-tech maker’s board.
Meelia agreed to serve as a non-executive chairman of the Mansfield, Mass-based med-tech titan for a year after his retirement last July.
Due to the smooth executive transition by new CEO Joe Almeida, Meelia decided to retire from the board before the end of the 1-year period, according to an SEC filing.
Meelia was named CEO after Covidien was spun out of the collapsing Tyco International in 2007. He navigated the company through the 2002 scandal involving Dennis Kozlowski, the former CEO of Tyco, who was convicted in 2005 of taking more than $100 million from the company.
The Mansfield, Mass.-based health care giant announced plans to spin out its no-growth pharmaceuticals business into a stand-alone business over the next 18 months.
The announcement sent Covidien’s shares up more than 4% to $43.90. CEO José Almeida said Covidien has been considering a separation for years and decided to pull the trigger now that the pharma unit has been fine-tuned.
The move should improve Covidien’s adjusted gross margin from 57.1% with pharma to 60.0% without.
Here’s the latest personnel changes from medical device, diagnostics and life science companies around the nation. For more recent hirings and firings, check out MassDevice’s compilation of the latest personnel moves.
Amgen CEO to retire
Kevin Sharer will step down as CEO of Thousand Oaks, Calif.-based Amgen (NSDQ: AMGN) in May. Sharer will be succeeded by company president and chief operating officer Robert Bradway. Read more
Globus Medical adds 2 VPs
Spinal implant maker Globus Medical Inc. added 2 new vice presidents to its executive team. Ex-Stryker exec David Veino will lead Globus’ worldwide marketing efforts as its vice president of marketing and Tom Kennedy joins the company as vice president of surgeon relations & education. Read more