Michael Mahoney, Boston Scientific Corporation (NYSE:BSX), CEO will also have the designation of Chairman when Pete Nicholas steps down from the post in May. Nicholas was both CEO and co-chairperson from the organization’s inception in 1979 to 1995. Then he gave up the of chief executive and occupied the post of the chairman.
Mahoney came on board Boston Scientific as president in 2011. He was made chief executive in 2012. He was given the responsibility to boosting sales after gadgets to regulate the heart and keep open clogged arteries decreased in the face of safety concerns. Mr. Mahoney rejuvenated that business and shed jobs to cut losses. Then he invested in incorporating new technology for clearing clogged arteries, mentoring doctors during heart surgeries as well as in the treatment of hypertension.
In a statement by Mr. Mahoney, the company under Pete’s stewardship transformed to a major worldwide healthcare corporation catering to 22 million patients every year. He added that the organization was grateful for his long service and affection for the company. Mr. Nicholas spoke highly of Mr. Mahoney and commented that he was confident that the latter would be a great chairman.
The company stated that Edward Ludwig, a board member will be a lead independent director after Nicholas exit. Edward J. Ludwig,headed New Jersey-based medical company Becton Dickinson and Co (NYSE:BDX) earlier.
Two other present directors of Boston Scientific, Ernest Mario, and Pete Nicholas’s sibling, N.J. “Nick” Nicholas Jr. will exit the board in May.The company said it has roped in the former chief executive of Tufts Medical Center, Ellen M.Zane as a new director.
Incidentally, John Abele, the other co-founder of Boston Scientific stepped down in 2005 and is not active in the company since then.
Boston Scientific revenue rose by 8% in 2015, the quickest growth since 2009 as fresh products as well as acquisitions assisted in powering growth. The company may experience booming sales this year as it debuts fresh defibrillators as well as stents globally, aiding it to garner significant market shares.
Boston Scientific has grown in leaps and bounds since inception. The company will start a new innings under Mr. Mahoney and is expected to do even better.