Boston Scientific Will Switch CFOs
A day after it said it would cut up to 1,500 jobs over the next two years, and on the same day it announced a third-quarter loss of $5 million, Boston Scientific said its chief financial officer will leave after the end of the year.
The Natick-based medical device manufacturer said Jeffrey D. Capello will leave his role as executive vice president and CFO on Dec. 31 and will serve as a senior advisor through mid-May of next year. To replace Capello, the company is promoting Daniel J. Brennan, 48, its senior vice president and corporate controller. He will become executive vice president and CFO effective Jan. 1.
BSX announced the switch in a public statement filed with the U.S. Securities and Exchange Commission.
Brennan will be paid an annual base salary of $450,000. Capello’s base salary was slightly more than $610,000, according to the SEC filing.
Meanwhile, the company’s planned job cuts may not affect its operations in Massachusetts, according to a report in The Boston Globe. The paper said that, according to CEO Michael Mahoney, most of the cuts will be made at the company’s manufacturing plants around the world. But because the company doesn’t have manufacturing operations in the Bay State, the workforce here will be largely unscathed, Mahoney reportedly told The Globe.
Boston Scientific employs about 1,700 in Central Massachusetts – at its Natick headquarters and in Marlborough.
Read More:
WBJ Web Partners
Most Recent
Most Recent
0 Comments