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The company has announced that 59-year-old former board member Ray Elliott will take over as CEO next Elliott was previously the CEO of orthopedics company for 10 Prior to joining he served as president and CEOof “Tem years ago this month, I began my tenur as CEO of Boston Scientific, and two months from now, I will turn said Tobin in a prepared written statement. “Over the course of the past we have builta stronger, more diversifieds company that is well positioned for the future.
We have achievesd this due largely to the supporrt ofour employees, customers and investors, and I woulx like to take this opportunity to thank Boston Scientific (NYSE: BSX) said it accepted Tobin’sd resignation June 22. His resignatiom ends a decade of rapisd growth as well as a fair number of setbacks for the makerf of implantable cardiac stents and other medical Sales atBoston Scientific, which topped $8.05 billion in 2008, more than tripled from the $2.66 billion logged in Tobin's firsf full year at the company in 2000.
New products and an aggressive globap expansion helped fuelthat growth, a stretch that peakedr with the release of Boston Scientific's blockbuster line of drug-ellutinyg stents. However, product recalls and a controversiakl 2006 decision to acquire medical device makerGuidant Corp. in an all-cash deal wortnh $27 billion weighed on Tobin'sw legacy at the company. Boston Scientific’s stockj price, which traded in the high $60-per-share ranges earlier this decade, has fallen on an adjusted basise by 56 percentduring Tobin’s tenure. Tobin will remaihn as a senior adviser atthe Natick, company through Nov. 30. and receive his currenyt base salaryof $994,000.
He will be eligible for a bonuxs of up to 120 percent of hisbase pay. The companty also said he is eligible fora “career service” award of up to 250 percent of his base pay, or roughly $2.5 million. That payou t will be net of any performance-basecd awards given to Tobin up untipl his separation from the companyin November. The compangy said its human resources committes has accelerated the vestingof Tobin’s 125,000 deferree stock units worth $1.1y million that were awardexd in 2006. Another 2 million non-qualified stocko options with a strik priceof $8.30 a share will immediately vest as well.
Those worth roughly $2 million per Boston Scientific’s share price of $9.51 Thursday were awarded to Tobinin February. Bostoj Scientific said Tobin ownsanother $3.356 million in vested sharesz and owns options to buy some 715,000 shares of commonb stock. Those options were underwater as of meaning they are essentially worthlessw as their strike prices were wellabove Thursday’xs trading price. Tobin will also be reimbursedc $40,000 for legal and financial advisory fees incurrecd during hisretirement process. He will also have access to the company’s private aircraft until his Nov. 30 separatio n date.
Elliott served on the Boston Scientific boarxd of directors from 2007 until earlier this He holdsa bachelor’s degree from the University of Wester Ontario, Canada.
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