Boston Scientific Corporation (NYSE: BSX) is finally getting free from President and Chief Executive Officer Jim Tobin. This was one our top 10 CEO’s to go for 2009 as his tenure has been bad. It almost seemed that his need to go was going to be masked by the recession, but Tobin’s lack of execution, or his team’s lack of execution under his oversight, had problems long before the recession came along. As we noted in our original summary:
- Boston Scientific Corp. is somehow still being driven by James Tobin and we cannot figure out how nor why. Tobin has led the destruction shareholder value before, and this year’s antics have only added to more destruction of the company’s future.
The full explanation and complaint list about why he should go is here in more detail, and that was posted on December 5, 2008.
He will “retire” from the Company, and that its board of directors has appointed Ray Elliott the new President and CEO, effective July 13. If the board didn’t push Tobin into retirement, it is doubtful that the board’s individual members are too unhappy that he is out.
So far we have shares lower by 0.1% on very thin volume. This is one of those CEO departures that is good for shareholders.
Jon C. Ogg
June 25, 2009
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