Baxter names new CEO

29 Oct 2015 | Author: | No comments yet »

Baxter International appoints José Almeida as next CEO.

Baxter International Inc. named Jose Almeida its chief executive officer, taking over for Robert Parkinson, who has run the medical-supplies company for the past 11 years. Almeida, who has dealmaking experience as the former leader of Covidien Plc, became the second high-profile medical technology executive to join Deerfield, Illinois-based Baxter this month, after Boston Scientific Corp. Almeida, currently with the Carlyle Group in Washington, spent eight years at Covidien, the Dublin-based hospital supplies and medical technology company.

Upon retirement, Parkinson will become chairman emeritus. “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 shareholders,” Parkinson said in a statement. While Covidien was sold to Medtronic Plc in January for $52.6 billion in cash, stock and debt, Baxter took the opposite route, slimming down and splitting off its biotechnology and pharmaceuticals business into a separate company called Baxalta Inc. this year. Parkinson added: “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. Almeida said he plans to review each of Baxter’s businesses in the next 120 days, valuing the businesses based on cash flow projections to help determine where the company should focus.

In this position he was in charge of several businesses which accounted for around two-thirds of the company’s total annual revenues and about three-quarters of its operating profit. “Baxter is a trusted and admired brand in healthcare. Now is the moment of launching Baxter 2.0.” Almeida, 53, is joining the company immediately as an executive officer and will become CEO Jan. 1, according to a statement Wednesday. Baxter posted adjusted earnings per share of 41 cents in the third quarter on Tuesday, beating the 29-cent estimate of 12 analysts compiled by Bloomberg. There is never a magic number.” Almeida, a native Brazilian who goes by “Joe,” took over as the second CEO of Covidien in 2011 after it was spun off from Tyco International Ltd. in 2007.

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