St Jude Medical names new president and CEO

St Jude Medical has announced the appointment of Michael Rousseau as its new president and chief executive officer (CEO), effective as of January 1st 2016.

Mr Rousseau has been with the company since 1999 and was named chief operating officer in 2014, overseeing global sales, marketing, technology development, operations, supply chain and quality functions. He will become a member of the firm's board of directors.

He has been selected as the successor to current president and CEO Daniel Starks, who has decided to retire from the role. Following this, Mr Starks has been elected executive chairman of the St Jude Medical board.

In this role, he will assist in strategic customer, business and key stakeholder relationships globally and act as a strategic advisor to Mr Rousseau, in addition to his governance and oversight responsibilities.

Mr Starks said: "Today's announcement underscores our deep bench of talent and, together, we will ensure a seamless transition for the benefit of all St Jude Medical stakeholders."

The company achieved year-on-year revenue growth of six percent on a constant currency basis during the second quarter of 2015.