30th Dec 2019 06:56
(Alliance News) - Andy Smith is likely step down as chief executive of Smiths Group PLC next year, after the spin-off of the FTSE 100 engineer's medical business is completed, the Sunday Times reported.
Smith, who has been chief executive of Smiths since 2015, has been under fire since the company was forced to abandon a merger of the medical unit with American firm ICU Medical Inc, the Times reported.
In September 2018, Smiths confirmed that talks with ICU for a deal fell through. According to the Times, the Smiths board was unhappy with the terms of the deal.
https://www.thetimes.co.uk/article/andy-reynolds-smith-boss-of-smiths-group-set-to-leave-after-2bn-spin-off-2kcrdhc6d
Smiths Medical, which makes products such as catheters, thin medical tubes which can be used in surgical procedures, is set to demerge in the first half of 2020.
In November 2018, the company announced it would separate the division.
"Following our focus on operational improvements and increased investment, we believe it is now time to prepare the separation of Smiths Medical from the rest of the group. This planned separation will strengthen both Smiths and Smiths Medical as they each focus on accelerating the execution of their plans and maximising the opportunities in their respective markets," Chief Executive Smith explained at the time.
Back in June, Smiths Group hired JehanZeb Noor from sterile packaging producer Amcor Flexibles Inc to head Smiths Medical.
Shares closed 1.1% higher at 1,714.50 pence each on Friday in London.
By Eric Cunha; [email protected]
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