4th Apr 2018 07:27
Nawana will replace current CEO Olivier Bohuon who said in October he planned to retire by the end of 2018. Bohuon has headed the FTSE 100-listed medical devices firm since 2011.
Nawana most recently served as chief executive at US medical diagnostics firm Alere between 2014 and October 2017 when it was acquired by Abbott in a
Prior to Alere, Nawana had spent more than 15 years at Johnson & Johnson where he chiefly worked in its medical devices and diagnostics unit.
"In Namal I am delighted that we have secured an exceptional new chief executive with a proven record within the medical device industry," Smith & Nephew Chairman Roberto Quarta said. "He has the experience as a CEO of a major listed company in the healthcare sector, and has demonstrated that he can energise businesses to deliver better performance and greater value to shareholders."
Bohuon will step down from the board on Nawana's appointment. During his notice period, however, he will remain available on an advisory capacity in order to "help ensure a smooth transition."
Quarta added: "I would also like to thank Olivier for his service. In his seven years as chief executive, Smith & Nephew has undergone important and necessary change and he has significantly strengthened the foundations of our company. This has delivered strong value to shareholders, almost doubling the share price and materially outperforming the FTSE 100, whilst also increasing the dividend distribution by more than 100%. On behalf of the board and all of Smith & Nephew I wish him a happy retirement and all the best for the future."
Nawana said: "I am passionate about the medical devices industry where I have worked all my life and it is an honour to become the new Chief Executive of Smith & Nephew, a company I greatly admire. 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."
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