Boston Scientific CEO to Add Chairman Title as Nicholas Retiresby
Nicholas, who co-founded the company in 1979, retires in May
Shares more than triped since Mahoney was promoted CEO in 2012
Boston Scientific Corp. Chief Executive Officer Michael Mahoney will add the title of chairman when company co-founder Pete Nicholas retires from the post in May.
Nicholas was CEO and co-chairman from the company’s start in 1979 through 1995, when he stepped down as chief executive and became chairman. Board member Edward Ludwig will serve as lead independent director after he leaves, the Marlborough, Massachusetts-based medical-device maker said in a statement Thursday.
Mahoney joined Boston Scientific in 2011 as president and was promoted chief executive a year later, tasked with reinvigorating sales after devices to regulate the heart and prop open clogged arteries declined as researchers questioned their safety. He helped stabilize that business, cut jobs to narrow losses and went on a buying spree to add technology for clearing blocked arteries, guiding doctors during heart procedures and treating hypertension.
Revenue increased 8 percent last year, excluding currency swings, the fastest pace since 2009 as new products and acquisitions helped fuel growth. Boston Scientific may accelerate sales in 2016 as it introduces new defibrillators and stents worldwide, helping gain market shares, according to Bloomberg Intelligence.