Boston Scientific Chief to Exit the Stage, Two Years Into Turnaround Bid; Shares Tank
Summary
While Boston Scientific pointed to a number of accomplishments in its press release today—things like improving the R&D pipeline, streamlining operations, paying down debt, and cultivating future management talent—investors will surely frown on the Elliott era.“We believe we have accomplished a lot during my time here: a strengthened senior leadership team, a clear and executable strategic plan we call ‘POWER,’ a basis for success in Emerging Markets, a solidified balance sheet due to debt paydown and refinancing and much more,” Elliott said in a statement.“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 said in the statement.I am grateful to have received tremendous Board and employee support as CEO, often during challenging times.” Bloomberg captured some of the negative reaction on Wall Street in one of its first reports.“Ray Elliott, the tough guy of the industry, after a lot of bluster and bravado, seems to be throwing in the towel,” Phillip Nalbone, an analyst at Wedbush Securities in San Francisco, told the business news service.