3rd May 2007 11:01
Smith & Nephew Plc03 May 2007 Sir Christopher O'Donnell to retire as Chief Executive - David Illingworthappointed as successor 3 May 2007 Smith & Nephew plc (LSE: SN, NYSE: SNN), the global medical technology business,announced today that Sir Christopher O'Donnell (60) will retire as ChiefExecutive on June 30th and as a director of the Company on July 31st 2007. Sir Christopher joined Smith & Nephew in 1988 and has been Chief Executive since1997. He joined Smith & Nephew as Managing Director of the company's MedicalDivision having previously been Managing Director of Vickers Medical Divisionand Vice-President, Europe for CR Bard, Inc. Since 2003 he has jointly chairedthe UK government/industry Health Care Industries Task Force. As Chief Executive of Smith & Nephew Sir Christopher has overseen two clearphases of the company's development. Initially he was responsible for thestreamlining of the company from nine to the current four divisions focusing oninnovative products to help patients regain their lives. Since the end of therationalisation programme in 2003 the company has grown from a turnover of$1.9bn to $2.8bn in 2006. David Illingworth (53), who has been Chief Operating Officer of Smith & Nephewsince February 2006, will be promoted to Chief Executive with effect from July1st 2007. Prior to his appointment as Chief Operating Officer he was Presidentof Smith & Nephew Orthopaedics division. He has 28 years experience in themedical technology industry of which 15 were with GE Medical. He has ledcompanies in the areas of diagnostic imaging, respiratory, and urologicalproducts, as well as heading up a technology incubator company. He is agraduate of Texas A&M University and is a member of the Corporate AdvisoryCouncil of the American Association of Orthopaedic Surgeons. John Buchanan, Chairman of Smith & Nephew, commenting on these changes said: "During his ten years as Chief Executive, Chris O'Donnell has transformed Smith &Nephew into a focused global leader in medical devices and created substantialshareholder value. The Board thank and congratulate him for his outstandingcontribution to the company which he has served with high integrity anddistinction." "We are delighted to announce the promotion of David Illingworth to ChiefExecutive following his appointment as Chief Operating Officer last year. Hisextensive medical technology experience with GE Medical and other leadingmedtech companies, coupled with the strong business performance he hasdemonstrated as President of our Orthopaedics businesses, and latterly as ChiefOperating Officer, show he has the leadership qualities needed to continue thedevelopment of Smith & Nephew as an outstanding medical device company." Sir Christopher O'Donnell commented: "It has been a pleasure and a privilege tolead Smith & Nephew and to make a positive contribution to its development. Thetime is now right for me to hand this excellent business to a new team. Over thelast five years, I have enjoyed the opportunity to work with David and I believehis skills and experience will enable him to be an outstanding leader for Smith& Nephew." David Illingworth said: "I have thoroughly enjoyed working with Chris and wishhim continued success during his retirement. Smith & Nephew is a great companyand I look forward to working with my colleagues and our customers to build itinto an even greater business." Enquiries Investors/MediaLiz Hewitt Tel: +44 (0) 20 7401 7646Smith & NephewGroup Director Corporate Affairs Financial DynamicsDavid Yates / Deborah Scott - London Tel: +44 (0) 20 7831 3113Jonathan Birt - New York Tel: +1 212 850 5634 About Smith & Nephew Smith & Nephew is a global medical technology business, specialising inOrthopaedic Reconstruction, Orthopaedic Trauma and Clinical Therapies, Endoscopyand Advanced Wound Management products. Smith & Nephew is a global leader inarthroscopy and advanced wound management and is one of the leading globalorthopaedics companies. Smith & Nephew is dedicated to helping improve people's lives. The Companyprides itself on the strength of its relationships with its surgeons andprofessional healthcare customers, with whom its name is synonymous with highstandards of performance, innovation and trust. The Company has 8,800 employeesand operates in 31 countries around the world generating annual salesapproaching $2.8 billion. Forward-Looking Statements This press release contains certain "forward-looking statements" within themeaning of the US Private Securities Litigation Reform Act of 1995. Inparticular, statements regarding expected revenue growth and trading marginsdiscussed under "Outlook" are forward-looking statements as are discussions ofour product pipeline. These statements, as well as the phrases "aim", "plan","intend", "anticipate", "well-placed", "believe", "estimate", "expect","target", "consider" and similar expressions, are generally intended to identifyforward-looking statements. Such forward-looking statements involve known andunknown risks, uncertainties and other important factors (including, but notlimited to, the outcome of litigation, claims and regulatory approvals) thatcould cause the actual results, performance or achievements of Smith & Nephew,or industry results, to differ materially from any future results, performanceor achievements expressed or implied by such forward-looking statements. Pleaserefer to the documents that Smith & Nephew has filed with the U.S. Securitiesand Exchange Commission under the U.S. Securities Exchange Act of 1934, asamended, including Smith & Nephew's most recent annual report on Form 20F, for adiscussion of certain of these factors. All forward-looking statements in this press release are based on informationavailable to Smith & Nephew as of the date hereof. All written or oralforward-looking statements attributable to Smith & Nephew or any person actingon behalf of Smith & Nephew are expressly qualified in their entirety by theforegoing. Smith & Nephew does not undertake any obligation to update or reviseany forward-looking statement contained herein to reflect any change in Smith &Nephew's expectation with regard thereto or any change in events, conditions orcircumstances on which any such statement is based. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Smith & Nephew