BD Loses CFO, Begins Search for Replacement

Executive Vice President and Chief Financial Officer (CFO) David V. Elkins is leaving Franklin Lakes, N.J.-based Becton Dickinson and Company (BD) to assume the same position (CFO) at technology licensing firm Round Rock Research LLC. Elkins’ last day at BD is Nov. 7, the scheduled date of the company’s fiscal year 2012 earnings results.

BD’s board of directors is searching for Elkins’ replacement.

Suketu Upadhyay, who currently serves as senior vice president and controller, has been named interim CFO effective Nov. 9. Prior to his current role, Upadhyay served as CFO for BD’s international operations. Before joining BD in 2010, he held senior-level finance positions with Johnson & Johnson and AstraZeneca, and has experience in finance in the United Kingdom and Asia.

“I am genuinely disappointed that we are losing David,” said Vincent A. Forlenza, BD chairman, CEO and president. “He has been an outstanding chief financial officer and terrific partner since he joined BD in 2008, but we respect his decision to pursue the next chapter of his career elsewhere. The board and I are grateful for his contributions to BD and for his commitment to helping achieve a smooth transition. We are pleased that Suky [Upadhyay] has agreed to become interim CFO. He has worked closely with David and me since joining the company in 2010, and I am confident that BD will have a smooth transition.”

“While my decision to leave was difficult, this new entrepreneurial opportunity is something that makes sense for me and my family,” said Elkin. “This will give me an opportunity to work with a long-time friend at Round Rock as its CFO and help the company execute its growth strategy. I have greatly appreciated the opportunities afforded me by Vince and the board and am very proud to have been part of the BD team. I have worked with Suky for a long time, and I am confident he has the capabilities to ensure a seamless transition. I will be working closely with him over the next several weeks, and we will both be on the November 7 earnings call.”

Company officials expect reported diluted earnings per share from continuing operations for fiscal 2012 to be between $5.33 and $5.38. The company will provide 2013 guidance on Nov. 7.

BD develops, manufactures and sells medical devices, instrument systems and reagents.