Baxter’s Finance Chief Steps Down

Baxter has announced the departure of its executive vice president and CFO, Jay Saccaro. He will leave Baxter at the end of May following 21 years with the company, including the past eight as CFO, to join GE HealthCare as its new CFO on June 1.
 
Baxter senior vice president, chief accounting officer, and controller Brian Stevens will be named acting CFO on May 31 and continue his other duties as well. Stevens was previously at Groupon before joining Baxter in 2018, and was most recently treasurer and chief accounting officer. Before Groupon, he worked at KPMG and was most recently and audit partner.
 
“Jay has been an invaluable member of Baxter’s leadership team throughout his career,” José (Joe) E. Almeida, chairman, president, and CEO of Baxter told the press. “He’s been a true partner as CFO as we’ve worked to reposition and refocus our business. We thank Jay for all he has contributed and wish him the very best in his next role.”
 
“It has been a privilege to work at Baxter and help fulfill its mission,” said Saccaro. “I am confident that Brian’s significant leadership experience in finance and accounting roles and the deep understanding of our business he has built will position him well to take on the role of acting CFO after my departure.”
 
Yesterday, Baxter announced it signed an agreement to sell its BioPharma Solutions business to investors Advent International and Warburg Pincus for $4.25 billion.
 
The company also revealed last week it was naming Kidney Care executive vice president group president Chris Toth as the leader of its planned spinoff of the Kidney Care business.