Boston Scientific Names New President and CEO

Boston Scientific Corp. has named Michael Mahoney its new president and CEO. Mahoney is currently worldwide chairman of the medical device and diagnostics group for Johnson & Johnson. He is expected to start at Boston Scientific on Nov. 1. Current CEO Ray Elliott will step down on Oct. 17. Hank Kucheman, who currently serves as the executive vice president and group president of the Cardiology, Rhythm and Vascular Group, the company’s largest business, will serve as interim CEO until Mahoney assumes the role.

“Mike is a dynamic, seasoned leader and we enthusiastically welcome him into the Boston Scientific family,” Pete Nicholas, chairman of the board and co-founder of Natick, Mass.-based Boston Scientific, said. “He is intensely passionate about innovation and people, and creates and encourages a team environment that results in superior performance. This, combined with Mike’s significant international experience made him the best choice for this critical role.”

As president, Mahoney will oversee cardiac rhythm management and endoscopy business as well as numerous corporate functions. Later, he will also assume responsibility for the neuromodulation business.

On November 1, 2012, it is expected that Kucheman will transition into a senior advisory role. Kucheman and Mahoney previously worked together during Kucheman’s tenure as a member of the Louisville, Colo.-based Global Healthcare Exchange’s board of directors.

“Hank’s outstanding leadership ability, medical device experience and real world understanding of the complex international marketplace complement Mike’s background and experience,” Elliott said. “I have no doubt Mike and Hank will work well together in their respective roles to continue driving the company’s innovation and growth and increase the shareholder value of Boston Scientific.”

Mahoney has more than 22 years of health care experience in medical devices, capital equipment and healthcare IT service businesses with best-in-class companies. Prior to assuming his role at New Brunswick, N.J.’s Johnson & Johnson in January, Mahoney served as worldwide company group chairman of the Warsaw, Ind.- and Raynham, Mass.-based DePuy franchise, which he held from 2007 to 2010. During that time, Mahoney drove a successful growth strategy via product innovation, multiple acquisitions, and international expansion, particularly in China and India. From 2001 to 2006, Mahoney served as president and CEO of Global Healthcare Exchange. He began his career at Waukesha, Wisc.-based General Electric Medical Systems, where he spent twelve years leading various GE Medical Systems business units in diagnostic imaging, cardiology, and health care information technology.

“I have great respect for Boston Scientific and its position as a market-leading, global Fortune 500 health care company,” Mahoney said. “My experiences leading complex businesses, developing international markets and driving operational excellence for other world-class companies will serve me well in my new role. I am making a long-term commitment to continue Boston Scientific’s focus on innovation and delivering improved patient care while revitalizing the company’s sustainable growth through the continued execution of its POWER strategy.”