Boston Sci. CEO Elliott to Retire at Year’s End

Ray Elliott, who has led the medical device giant since 2009, will serve on a CEO search committee that will select his successor.

Boston Scientific Corporation President and CEO Ray Elliott will retire from his posts on December 31, the company said Tuesday.

The Boston Scientific board has created a CEO search committee, which includes Elliott, that will select his successor.

Medical device giant Boston Scientific is based in Natick, Massachusetts, but employs about 5,000 in Minnesota, where two locally-based rivals-Medtronic, Inc., and St. Jude Medical, Inc.-are headquartered.

“It has been, and continues to be, an honor to lead Boston Scientific, but after nearly 40 years in health care, the last 33 of those in general management and as a company president, it's time for me to permanently pass the baton to a long-term CEO,” Elliott said in a statement. “Finding the right time to leave is difficult. Leaving too soon or staying too long can both be problematic. However, this decision is mine and mine alone.”

According to the company, Elliott is credited with improving its leadership team, developing a business strategy that focuses on 12 growth areas, streamlining the new product development process, refocusing efforts in emerging markets, and reducing debt, among other efforts.

Elliott joined the company as its CEO in 2009. He previously worked at Zimmer Holdings, Inc., Cybex International, Inc., and Southam, Inc.

Elliott made the news last week when he slammed products made by Medtronic and St. Jude. He called Medtronic's Protecta implantable defibrillator a “catch-up product,” adding that Boston Scientific has had the technology since 2008, and called St. Jude's Quartet ventrical pacing lead “99 percent hype.”

On Wednesday, Medtronic named a new CEO-GE Healthcare CEO Omar Ishrak-to replace William Hawkins, who will retire next month.