British medical devices maker ConvaTec Group Plc on Monday named Genus Plc’s top boss Karim Bitar as its chief executive officer and said Chairman Christopher Gent would retire from his role.
The company said outgoing Chief Executive Officer Rick Anderson will become executive chairman on a temporary basis from May 9 and will work with senior leadership until Bitar joins on Sept. 30. After that, Anderson will serve as interim non-executive chair.
The announcement, which confirms a Sky News report, comes after the catheter and colostomy bag maker reported disappointing annual results and launched a turnaround plan in February.
ConvaTec has been struggling to find its footing after being hit by logistical issues, recalls and a change in inventory policy by a leading customer, named by analysts as Medtronic .
The company’s former CEO Paul Moraviec, who guided ConvaTec through a $1.8 billion initial public offering in 2016, stepped down last October following warnings of lower sales and profitability, which had sent shares plummeting to a record low.
Analysts at Peel Hunt said that a turnaround is unlikely “overnight”, but Bitar’s track record of investing to deliver transformation at Genus bodes well for ConvaTec.
“There will, no doubt, be some investor regret that a successful CEO is moving on but Genus has a well-established wider management team and a clear strategy to which the board is fully committed,” Liberum analysts said.
Genus, an animal genetics company, said it has started a search for a new CEO.
By Shashwat Awasthi and Tanishaa Nadkar
Source: Reuters
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