There will soon be yet another high-profile job opening in the medical device industry.
It looks like the minor kerfuffle that Boston Scientific CEO Ray Elliott caused last week by pooh-poohing the competition was just practice for this week's major kablooie. On Tuesday it was announced that, after less than two years on the job, the 61-year-old is stepping down as head of the company, sparking a flurry of speculation and sending the stock price into a steep dive.
The stock price stabilized today, but according to Forbes, the company has other worries:
Boston Scientific faces major challenges no matter who leads the company, [Wedbush analyst Phillip] Nalbone wrote. Most of its revenue comes from the types of products that are not seeing sales rise, such as implanted heart devices and drug-coated stents. The company has a lack of cash and the possible acquisitions that would boost sales would also boost debt. The company has made a series of relatively small deals recently, but Nalbone believes that they will not contribute to growth in the next few years.
Any thoughts on who might take the helm at Boston Scientific next?