Michael Rousseau will take over as president and CEO of medical-device maker St. Jude Medical as Daniel Starks retires at the end of the year.
Rousseau, 59, will take the helm on Jan. 1, replacing Starks as president and CEO. Starks will retain the title of executive chairman of the St. Paul, Minn.-based company's board of directors.
Starks pointed to the St. Jude's atrial fibrillation portfolio, CardioMEMS heart failure monitor and neuromodulation products for chronic pain as drivers of growth during his 11-year tenure. “Our consistent ability to deliver impactful technologies that improve patient outcomes is what ultimately drives sales and creates shareholder value,” Starks said.
Rousseau joined St. Jude in 1999 as senior VP of cardiac rhythm management global marketing, which later was combined with the division's sales team. In January 2008, he was promoted to group president and oversaw the company's four product divisions, before being named COO in 2014.
During his time as COO, Rousseau is credited with realigning the company's supply chain management, restructuring its overseas manufacturing operations and establishing a global quality system, including a broadening of global customer service operations.
Rosseau received about $5 million in compensation for his role as COO in 2014, including equity and incentive-based payments, according to Securities and Exchange Commission filings. Starks made nearly $10.2 million.
