Smith & Nephew's CEO to Retire in April
BY SANDER DUNCAN, FEBRUARY 11, 2011
Smith & Nephew announced yesterday that David Illingworth, CEO, will retire from the company following their annual meeting on April 14th. Illingworth spent nine years with Smith & Nephew, leading the company for the last four after serving as President of the Orthopedics business and subsequently company-wide COO. During his tenure at the helm of Smith & Nephew, Illingworth achieved significant revenue growth and boosted margins while realizing a 13% CAGR in EPS. He will be succeeded by Olivier Bohuon, a veteran of the pharmaceutical industry who is currently CEO of Pierre Fabre Group, France’s second-largest privately-held drug manufacturer. Previously, Bohoun was President of Abbott’s pharmaceutical division.
Illingworth is retiring amid investor speculation that Smith & Nephew is a potential takeover target. Its stock has risen 20% since early December following news that Johnson & Johnson and Biomet had approached the London-based company. Illingsworth announced his retirement during Smith & Nephew’s annual earnings call, where he reported $3.96 billion in total revenue for 2010, up 4% year over year.
