Elliott to Retire from Zimmer CEO Chair
Orthopaedic manufacturer Zimmer announced today its President and Chief Executive Officer Ray Elliott would retire from his executive positions during the first half of 2007. Elliott will remain as Chairman for at least one year following today’s announcement. J. Raymond Elliott, 57, was appointed President of Zimmer Inc. in November 1997, President and CEO of Zimmer Holdings, Inc. on March 20, 2001, and Chairman on August 6, 2001. Zimmer was spun off from Bristol-Myers Squibb and taken public in 2001. The Board said it has hired executive recruiting firm Spencer Stuart to assist with the search for a successor, which will include both internal and external candidates.
Elliott was quoted by the AP as saying: “My decision provides the opportunity to serve, in the future, on other corporate boards, and to advise both private equity firms and investment banks on medical device-related strategy and transactions.” Earlier this month it was confirmed Smith & Nephew was considering buying Biomet. The Street has more.
November 20, 2006 Related topics: People, Orthopedic