Boston Scientific names next company president and CEO

Boston Scientific has announced that Michael Mahoney is to become its next president and chief executive officer (CEO), following a planned transition period.

Mr Mahoney, the current worldwide chairman of Johnson and Johnson's medical device and diagnostics group, will become president of Boston Scientific on October 17th 2011 and is expected to assume the CEO role on November 1st 2012.

This transition period has been mutually agreed by the two companies to be necessary for the executive, a healthcare sector veteran of more than 22 years, to fulfil his responsibilities to Johnson and Johnson.

Current Boston Scientific president and CEO Ray Elliott will step down from the role on October 17th, while Hank Kucheman, president of its cardiology, rhythm and vascular division, will become interim CEO until Mr Mahoney takes over next year.

Pete Nicholas, chairman of the board and co-founder of Boston Scientific, said: "Mike is a dynamic, seasoned leader and we enthusiastically welcome him into the Boston Scientific family."

According to its most recent financial report, Boston Scientific generated sales of almost $2 billion (1.26 billion pounds) in the second quarter of 2011, which was towards the high end of its guidance.