Smith & Nephew to name ex-Alere chief exec Nawana as CEO

Smith & Nephew (NYSE:SNN) is slated to announce tomorrow that it has tapped former Alere (NYSE:ALR) CEO Namal Nawana as its new chief executive officer, according to a report from Sky News. The company has been searching for a replacement since last October, when current head Olivier Bohoun announced plans to retire from the corner office. Bohoun announced his retirement plans after having been diagnosed with a “highly treatable” type of cancer in February 2016, but said he planned to stay at the reins while undergoing treatment, including chemotherapy. Australian-native Nawana took over as CEO at Alere in 2014 after founder and then-CEO Ron Zwanzinger stepped down. Zwanzinger received criticisms for his leadership after he spiked an initial public offering for its BBI Diagnostics unit a month before leaving. Nawana had previously served as COO of the company, and before joining Alere had held various leadership positions with Johnson & Johnson (NYSE:JNJ) over a 15-year tenure. During his time at the head of Alere, Nawana helped guide the company through its $5 billion acquisition by Abbott (NYSE:ABT), which closed last October. Smith & Nephew could be looking to Nawana to help head a takeover effort there as well, according to the report from Sky News, which claims that the company could be a target for acquisition from rivals Stryker (NYSE:SYK) and Johnson & Johnson. The post Smith & Nephew to name ex-Alere chief exec Nawana as CEO app...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Wall Street Beat Alere Smith & Nephew Source Type: news