Boston Scientific's CEO Ray Elliott will step down at the end of the year after a relatively short tenure at the helm of the company.
"It has been, and continues to be, an honor to lead Boston Scientific, but after nearly 40 years in healthcare, the last 33 of those in general management and as a company president, it's time for me to permanently pass the baton to a long-term CEO," Elliott says in a statement. "Finding the right time to leave is difficult. Leaving too soon or staying too long can both be problematic. However, this decision is mine and mine alone. I am grateful to have received tremendous Board and employee support as CEO, often during challenging times."
Boston Scientific announced that Elliott would succeed Jim Tobin in June 2009, as the Boston Globe notes. Tobin had been the head of the company for a decade. The Globe further points out Elliott became one of the best-paid chief executives in the U.S. that year. Separate incomplete national surveys published by The Wall Street Journal and The New York Times, indicate only one or two large-company CEOs with compensation packages that topped his $33.5 million payday. Last year, however, reductions in stock options and bonuses caused Elliott's pay to plummet 86 percent in 2010 to $4.7 million.
The company recently laid off a number of employees in Minnesota.
The devicemaker's board has created a special search committee, on which Elliott will serve, to select the company's next president and CEO.
The news sent the company's shares down about 10 percent, according to Reuters.