Wednesday, March 16, 2011

Covidien CEO Meelia to retire

By Julie M. Donnelly, Boston Business Journal

Covidien plc (NYSE: COV) has announced that Richard J. Meelia will retire as President and CEO of the company, effective July 1. The life sciences company, with U.S. headquarters in Mansfield, said Jose (Joe) E. Almeida president of Covidien’s Medical Devices business segment, will become the new CEO. Meelia will serve as non-executive chairman of the board for up to one year following his retirement as CEO.

“Rich Meelia has been a strong and highly effective leader, and his service as CEO is deeply appreciated,” board member Timothy M. Donahue said in a statement. “Under his leadership, Covidien has introduced a record number of innovative new products, realigned and strengthened its portfolio, significantly reduced costs, developed a deep bench of management talent and created increased value for shareholders.

Meelia has held the position of CEO at Covidien since the business spun off from parent company Tyco International in 2007.

“I am very proud of all that we have achieved in the four years that Covidien has been an independent company,” said Meelia, under whose leadership Covidien delivered significant gains in operational sales, profit margin and earnings per share. “We have great vitality across our broad product range, strong growth momentum in new and established markets and an unrivaled commitment to innovation that offers us tremendous prospects for the future.”