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Smith & Nephew replaces retiring boss with former J&J man
Smith & Nephew has appointed a new chief executive with fresh M&A experience as Olivier Bohuon departs after a seven-year stint at the head of the artificial shoulders and knees group.
Namal Nawana, a 15-year Johnson & Johnson veteran, will join the board on 7 May, fresh from last year as CEO of medical diagnostics company Alere overseeing its $5.3bn takeover by US giant Abbott.
Before his five years turning around Alere, Namal was worldwide president of Johnson & Johnson's DePuy Synthes Spine business, following a number of roles in the group's medical devices & diagnostics segment in the USA, Asia and Europe.
Bohuon, who will step down from the board on 7 May, had announced his intention to retire by end of 2018 at the latest. He will remain available in an advisory capacity during his notice period.
Earlier this year, the Frenchman launched a $160m cost-cutting programme in an effort to ward off pressure to break up the firm by activist investor Elliott Advisors.
Chairman Roberto Quarta wished Bohuon a happy retirement after almost doubling the share price during his stint in charge, and said he felt Nawana was an exceptional appointment.
"He has the experience as a CEO of a major listed company in the healthcare sector, and has demonstrated that he can energise businesses to deliver better performance and greater value to shareholders. We are looking forward to him joining our Board and driving Smith & Nephew to the next level of success."
For his part, Nawana expressed his passion about the medical devices industry and said it was "an honour" to take the role. "I am most excited by its portfolio of innovation which I believe gives an excellent platform from which to drive the business forward into its next exciting chapter."