Baxter announced Monday the abrupt retirement of President and CEO José Almeida.
Almeida also stepped down from the board, which he chaired. Lead independent director Brent Shafer was named chair and interim CEO. Almeida will act as an adviser through Oct. 31.
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The board will consider potential candidates from within and outside the company as it searches for a full-time replacement, the company said in a news release.
Almeida became president and CEO in January 2016. Under his leadership, the company targeted faster-growing markets, sold parts of its business including its kidney care business and adopted a new operating model.
“With the key elements of our broad strategic transformation complete, this is the right time for a new CEO to lead the company into its next chapter,” Almeida said in the news release.
Also Monday, Baxter said it appointed Heather Knight as executive vice president, chief operating officer and interim group president of its medical products and therapies business. She will be responsible for global sales, marketing, research and development, supply chain and medical and regulatory matters.