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Boston Scientific Shares Drop After CEO Says He Will Step Down in December

Tuesday, 10 May 2011 11:52 AM

Medical device maker Boston Scientific Corp. said Tuesday that Chief Executive Ray Elliott will step down at the end of 2011 after a short tenure, sending its shares down nearly 10 percent.

In a statement, Elliott said it was "time for me to permanently pass the baton to a long-term CEO." The company said it had created a committee that includes Elliott to search for a successor.

Elliott, who took the top job about two years ago, will serve as CEO until Dec. 31.

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Medical device maker Boston Scientific Corp. said Tuesday that Chief Executive Ray Elliott will step down at the end of 2011 after a short tenure, sending its shares down nearly 10 percent. In a statement, Elliott said it was time for me to permanently pass the baton to a...
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