Boston Scientific Corporation is reshuffling its Board of Directors.

Pete M. Nicholas, the company's co-founder and board chairman, has announced his intention to retire from the board at the 2016 annual stockholders meeting in May. Nichols served as Boston Scientific's CEO and co-chairman since its founding in 1979. In 1995, he stepped down as CEO and became board chairman. During his nearly 40 years of leadership, the company grew to become a global provider of interventional medicine, improving the lives of patients worldwide.

The board appointed company president/CEO Michael F. Mahoney to serve as board chairman upon Nichol's retirement. Current director Edward J. Ludwig, former CEO and board chairman of Becton, Dickinson and Company, will serve as lead independent director. Both will assume the new roles immediately following the annual meeting.

Outgoing Chairman Nicholas expressed confidence in Mahoney in his expanded role as company chairman. He also praised the company's employees and thanked them for their team-based spirit that enabled to company to achieve success.

"The company is in an excellent position under Mike's leadership, and with the support of a strong and dedicated board and a team of dedicated employees, the company remains poised to continue its current trajectory of successful growth," said Nicholas. "This transition is an exciting and forward-looking one for the entire company, and I know it will further enhance the ability of Boston Scientific to continue to serve patients and strengthen its performance."

In addition to Nichols' pending retirement, current directors Ernest Mario, Ph.D., and N.J. ("Nick") Nicholas Jr. also are retiring from the board. Nick Nicholas, brother of Pete Nicholas, joined the board in 1994 and chairs its Nominating and Governing Committee. Mario, who joined the board in 2001, is chair of its Executive Compensation and Human Resources Committees and is a member of its Audit Committee. Both Mario and Nick Nicholas will serve in their roles until the annual meeting.

The board appointed Ellen M. Zane as a new director, effective April 15. Zane brings deep healthcare experience to the Boston Scientific board; she has served as the CEO of Tufts Medical Center and the Floating Hospital for Children, network president of Partners HealthCare System and chair of the Massachusetts Hospital Association.

"These changes represent a major milestone in the history of the company as Pete's dedication, passion and commitment were instrumental in bringing the benefits of interventional medicine to patients in need. Under Pete's leadership, Boston Scientific has become a global healthcare corporation serving 22 million patients each year, and we are deeply indebted for his decades of service and love of the company. Nick's and Ernie's leadership have also helped us build and sustain the company's momentum, and their efforts have resulted in a stronger company and more effective and diverse board," Mahoney said. "We truly look forward to welcoming Ellen, whose history of patient-centric healthcare leadership will help Boston Scientific continue to deliver meaningful innovation to our patients and physicians."