St. Jude Medical, Inc. (NYSE: STJ), a global medical device company, today announced organizational and leadership changes designed to improve growth. The company will integrate its two operating divisions into one integrated research and development organization, and will combine manufacturing and supply chain operations worldwide.
Commenting on the announcement, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “One reason 2013 was such a successful year for us was that we streamlined our organization, improved productivity, and reduced costs through organizational changes we announced in August 2012. The changes we announced today will help us build on that success to further leverage our scale, align on our highest priorities and improve execution of our long-term growth program.”
To help the company navigate through these significant operational changes, Michael Rousseau, previously group president of St. Jude Medical, has been promoted to chief operating officer. Rousseau will now oversee sales, marketing, quality, technology development, operations and supply chain on a global basis. Eric Fain, previously president, Implantable Electronic Systems Division (IESD), has been promoted to group president of St. Jude Medical and will now oversee all clinical, regulatory and research and development activities across the company. Over the next several months, Fain will lead the integration of IESD and the Cardiovascular and Ablation Technologies Division (CATD) into one cohesive St. Jude Medical research and development organization.
In addition, the company announced three new officers. Scott Thome is being promoted to the newly created position of vice president, global operations and supply chain; Lisa Andrade has been promoted to chief marketing officer; and Jeff Dallager has been promoted to vice president, corporate controller.St. Jude Medical also announced today that Frank Callaghan, previously president, CATD, has decided to retire. Callaghan has been an integral part of the St. Jude Medical leadership team since joining St. Jude Medical in 2005 as part of the Endocardial Solutions acquisition. He will remain an advisor to the company through 2014.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV