$15 billion (market cap) medical device maker Boston Scientific (BSX) this morning said president and CEO Jim Tobin, 65, will retire come July 13, to be replaced by Ray Elliott, 59, who retired in 2007 as CEO of orthopedics company Zimmer Holdings (ZMH).
Elliott was at medical rehab product company Cybex International (CYBI) before joining Zimmer, and before that held a variety of positions including 15 years at American Hospital Supply Corp., which later became Baxter International (BAX).
Boston Sci has been coming out of an earnings slump, with profit falling 29% in the last five years, but expected to rise 9.6% and 22.8% this year, as the company steals business from Medtronic (MDT), as explained in a recent Barron’s magazine feature by Neil Martin. (Subscription required to read magazine articles.) Boston Sci shares jumped on Tuesday when it reported very favorable test results for a new defibrillator.
Boston shares are up 56 cents, or 6%, at $10.07 in morning trading. The shares are up 53% this year and down 20% in the last 12 months.