Thursday, June 25, 2009

Tobin retires from Boston Scientific; Elliot named new CEO

By Mass High Tech staff

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Jim Tobin has retired from his post as president and CEO of Boston Scientific Corp., the Natick medical device firm said in a press release. Ray Elliott, a veteran in the health care products industry, will replace him on July 13.

Tobin will remain as senior adviser to Boston Scientific through Nov. 30 and receive his current base salary of $994,000. He will be eligible for a bonus of up to 120 percent of his base pay.

Elliot replaces Tobin as the third CEO in Boston Scientific history. Elliot is a former Boston Scientific board member. In his new position, he will rejoin the board.

Elliot has served most recently as chairman, president and CEO of Zimmer Holdings Inc. Before his 10 years at Zimmer, he was president and CEO of Cybex International Inc.; president and chairman of several divisions of Southam Inc.; and group president of John Labatt Ltd., a food and beverage firm. Elliot also has held a few board membership roles, including chair of the orthopedics sector for AdvaMed’s board.

Elliot earned his bachelor’s degree from the University of Western Ontario, Canada.