Smith & Nephew CEO Dave Illingworth has decided to retire from the company after four years as CEO. Olivier Bohuon--most recently at Abbott Labs--is slated to take his place in mid-April. His decision to join the company comes less than a year after it was announced he would succeed Jean-Pierre Garnier as head of Pierre Fabre. And his departure from the French company came after roughly five months on the job, the Guardian notes.
"Our board is, of course, very sorry that Dave has decided to retire," says John Buchanan, S&N chairman. "In his nine years with Smith & Nephew Dave has made a major impact, with various distinctive achievements. As Chief Executive Officer he has created stronger platforms for growth despite the challenges of the external environment."
S&N has been the subject of takeover rumors recently. Last month, the company tried to put a stop to these rumors following a report it was considering a deal with rival Biomet. Johnson & Johnson also has been named as a suitor. The pharma and device giant reportedly made an unsolicited takeover bid that valued the company at as much as £7.5 billion ($11.7 billion), according to the Wall Street Journal. S&N reportedly turned down that offer that came in December.
Illingworth's departure came as a "little bit of a shock" to Berenberg Bank analyst Tom Jones, according to the Guardian. But he doesn't see it as a move to stave off bidders.
- get the S&N announcement
- see the Guardian report