Covidien elects new president and CEO

Covidien has announced the election of Jose Almeida as its new president and chief executive officer (CEO).

Mr Almeida will take over the top role at the medical technology firm on July 1st 2011 as he succeeds the retiring Richard Meelia; he will also be joining the board of directors on this date.

Since 2006, he has acted as president of the company's medical device business unit, which accounts for two-thirds of total revenue and three-quarters of the operating profit of the organisation as a whole.

The company credited Mr Almeida's leadership with a key role in the nine percent compound annual sales growth experienced by this division during his presidency, while hailing his knowledge of the company and decisive management.

Timothy Donahue, lead director on the board, said: "Under Joe's dynamic leadership, Covidien will accelerate its drive to the frontiers of innovation."

Mr Donahue also praised the legacy of Mr Meelia, who will serve as non-executive chairman of the board for a transitional period of one year after his retirement as CEO.