Medical device maker Becton Dickinson (BDX) - Get Report announced that CEO Vincent Forlenza will retire as chief on Jan. 28, 2020, and will be replaced by current President and Chief Operating Officer Thomas E. Polen.

Polen also will be nominated for a director position at the annual shareholder meeting in January. 

"Tom is a strategic, customer-centric executive, who brings tremendous energy, a deep understanding of the industry and health care technology, and a strong track record of delivering results," Forlenza said. 

Polen, 46 years old, oversees the company's three business segments and is credited with leading the $24 billion acquisition of C.R. Bard in 2017. He also led the $12 billion acquisition of CareFusion in 2015.

He has been with the company for 18 years. 

"As we move ahead, I believe BD has significant opportunities to continue to accelerate growth and drive long-term value while delivering meaningful results for our customers, patients and shareholders," Polen said. 

Save 57% During Our Fall Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor. Click here to sign up and save!