Tobin Retiring From BSX, Replacement Also A Former Baxter Exec
Jim Tobin, president and CEO of Natick medical device maker Boston Scientific Corp., has retired from the company.
The 64-year-old Tobin has been CEO of the company for 10 years. He will be replaced July 13 by Ray Elliott, the chairman, president and CEO of orthopedics company Zimmer Holdings Inc. Prior to leading Zimmer, the 59-year-old Elliott was president and CEO of Cybex International, a Medway-based manufacturer of exercise equipment.
Tobin and Elliot are also both former executives of the health care company Baxter International.
Elliott was a member of the Boston Scientific board of directors between 2007 and March 2009. He'll rejoin the board when he takes over as president and CEO. He'll be the third person to hold the president and CEO position at Boston Scientific after Tobin and company founder Pete Nicholas, who is currently chairman of the board.
For fiscal year 2008, the company reported a $2 billion net loss on revenue of $8 billion. The company hasn't turned a profit since 2005, when it reported net income of $628 million on revenue of $6.3 billion. In 2006, the company spent $27 billion on the acquisition of Guidant Corp.
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