Covidien announced this morning that President and CEO Richard Meelia intends to retire effective July 1, and Joe Almeida, current president of Covidien's Medical Devices business segment, has been elected to succeed him. Meelia will serve as non-executive chairman of the board for a transition period of up to one year following his retirement as CEO, according to a release.
Meelia was elected president and CEO of Covidien when the business, then known as Tyco Healthcare, spun off from parent company Tyco International in June 2007. He was selected as chairman of the board in October 2008. "Rich Meelia has been a strong and highly effective leader, and his service as CEO is deeply appreciated," said Timothy Donahue, lead director on the company's board. "Under his leadership, Covidien has introduced a record number of innovative new products, realigned and strengthened its portfolio, significantly reduced costs, developed a deep bench of management talent and created increased value for shareholders."
Almeida joined Tyco Healthcare in 1995, and became head of Medical Devices in October 2006. The device unit accounts for about two-thirds of Covidien's total annual revenue and three-quarters of its operating profit.
- check out the Covidien release