Boston Scientific Corp. said its co-founder and chairman, Pete M. Nicholas, would retire this May, capping a nearly 40 year career the medical device maker.
The company also announced several other changes to its board on Thursday, including the appointment of its chief executive, Michael F. Mahoney, to also serve as chairman upon Mr. Nicholas’ retirement.
Mr. Nicholas had previously served as Boston Scientific’s CEO and co-chairman of the board since its founding in 1979. In 1995, he stepped down as CEO and became its chairman.
“Under Pete’s leadership, Boston Scientific has become a leading global health care corporation serving 22 million patients each year, and we are deeply indebted for his decades of service and love of the company,” Mr. Mahoney said.
Mr. Nicholas also praised Mr. Mahoney and expressed confidence in his expanded role as chairman.
The moves will be effective in May following the company’s annual meeting of stockholders. At that time, current director Edward J. Ludwig, former CEO and chairman of rival Becton Dickinson Co., will serve as lead independent director.
In addition, current directors Ernest Mario and N.J. Nicholas, Jr. have decided to retire from the board in May, the company said. N.J. Nicholas, brother of Pete Nicholas, joined the board in 1994. Dr. Mario joined the board in 2001.
Boston Scientific said it had named Ellen M. Zane as a new director, effective April 15. Ms. Zane had previously served as the CEO of Tufts Medical Center and the Floating Hospital for Children, network president of Partners HealthCare System and chair of the Massachusetts Hospital Association.
By Joshua Jamerson
Source: Wall Street Journal
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