Covidien CEO Steps Down, Company’s Device Chief Takes Over

Richard J. Meelia, president and CEO of Covidien PLC plans to retire as of July 1 and will be succeeded by the head of the company’s medical devices unit, Jose E. Almeida.

Almeida, 48, had headed Covidien’s largest business unit since October 2006. During his tenure, the segment’s sales grew at a 9% compounded annual rate, more than 70 products were introduced in high-margin categories and an emerging-markets push was launched. Almeida, who also was elected to a seat on the company’s board, joined Covidien, then known as Tyco Healthcare, in 1995. Tyco Healthcare was spun off from Tyco International in 2007.

Meelia joined Kendall Healthcare Products Co., the foundation of Tyco Healthcare, in 1991 as group president, became Tyco Healthcare president in 1995 and has been president and CEO of Covidien since the spinoff.

“I am very proud of all that we have achieved in the four years that Covidien has been an independent company,” Meelia said. “We have great vitality across our broad product range, strong growth momentum in new and established markets and an unrivaled commitment to innovation that offers us tremendous prospects for the future.

He added: “Fortunately, I have been surrounded by a dedicated, talented and highly effective team
for the past 20 years. It has been an honor to lead such an outstanding organization, and I look forward to continuing to serve on the Board.”

In 2010, Covidien reported revenues of about $10.4 billion. It has roughly 42,000 employees.

(Jose Almeida, pictured left.)