Smith & Nephew named Namal Nawana CEO. Mr. Nawana will succeed CEO Olivier Bohuon, who will step down May 7.
Here are four things to know about Mr. Nawana.
1. Prior to joining Smith & Nephew, Mr. Nawana was CEO of Alere, a medical diagnostics company that was acquired by Abbott for $5.3 billion in 2017. He spent five years at Alere before the acquisition and 15 years at Johnson & Johnson before that.
2. During his time at Johnson & Johnson, Mr. Nawana held several leadership roles and in 2011 became the worldwide president of DePuy Synthes Spine. He oversaw the transformation of the program, which included a substantial margin improvement and integration of Synthes after it was acquired in 2012.
3. As CEO of Smith & Nephew and chairman of the board, Mr. Nawana will be employed on the standard U.S. executive contract, receiving $1.5 million per year as his annual salary. He will also receive an Annual Incentive Plan and Performance Share Plan, with awards prorated to reflect the time served in 2018 during that year.
4. As the new CEO, Mr. Nawana will oversee the company's growth and development. "I am passionate about the medical devices industry where I have worked all my life and it is an honor to become the new chief executive of Smith & Nephew, a company I greatly admire," he said. "I am most excited by its portfolio of innovation which I believe gives an excellent platform from which to drive the business forward into its next exciting chapter."
Mr. Bohuon plans to retire Nov. 6, 2018, and will receive salary, benefits and payment in lieu of pension in the interim.