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Baxter Names Jose Almeida, Former Head of Covidien, New CEO

Baxter International Inc. named Jose Almeida a arch executive officer, holding over for Robert Parkinson, who has run a medical-supplies association for a past 11 years.

Almeida, who has dealmaking knowledge as a former personality of Covidien Plc, became a second high-profile medical record executive to join Deerfield, Illinois-based Baxter this month, after Boston Scientific Corp. CEO Mike Mahoney was named to a board. Third Point LLC, Baxter’s biggest shareholder, has sought care changes after saying in Aug that a association was undervalued.

Almeida, now with a Carlyle Group in Washington, spent 8 years during Covidien, a Dublin-based sanatorium reserve and medical record company. While Covidien was sole to Medtronic Plc in Jan for $52.6 billion in cash, batch and debt, Baxter took a conflicting route, slimming down and bursting off a biotechnology and pharmaceuticals business into a apart association called Baxalta Inc. this year.

Almeida pronounced he skeleton to examination any of Baxter’s businesses in a subsequent 120 days, valuing a businesses formed on money upsurge projections to assistance establish where a association should focus. Some units will sojourn a same or smaller than they are today, while others will grow yet acquisitions, Almeida said. The company’s products embody distillate pumps, surgical tools, and dialysis systems for kidney disease.

“The association has a plain strategy,” he pronounced in a write interview. “Our design is to make certain we take that devise and make it even improved going forward, so that in 3 to 5 years we are in a right place. Now is a impulse of rising Baxter 2.0.”

Chairman Emeritus

Almeida, 53, is fasten a association immediately as an executive officer and will turn CEO Jan. 1, according to a matter Wednesday. Parkinson, who served as authority and arch executive given 2004, announced his retirement progressing this year. He will turn authority emeritus.

Almeida, who praised a stream devise to boost a company’s potency and urge a collateral allocation, pronounced he was approached by a headhunter about a pursuit and rigorously vetted for a past several months.

Baxter posted practiced gain per share of 41 cents in a third entertain on Tuesday, violence a 29-cent guess of 12 analysts gathered by Bloomberg. The association pronounced it skeleton to lay off 1,400 people, or about 5 percent of a workforce, to save $130 million annually and boost handling margins. 

Almeida pronounced he doesn’t have a specific distance in mind for a company, even as rivals grow or combine to offer hospitals a wider array of products for one-stop selling and improved value. 

“There is no right distance for a company,” he said. “It’s some-more about how applicable we are to a markets. You can be any size, it’s how fit we are. There is never a sorcery number.”

Almeida, a local Brazilian who goes by “Joe,” took over as a second CEO of Covidien in 2011 after it was spun off from Tyco International Ltd. in 2007. He initial assimilated a association as executive of production in 1995 and rose to boss of Covidien’s medical inclination business before holding a tip spot.

Article source: http://www.bloomberg.com/news/articles/2015-10-28/baxter-names-former-covidien-chief-joe-almeida-as-its-new-ceo

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