Smith & Nephew has appointed Deepak Nath as chief executive, replacing Roland Diggelmann who has led the medical devices maker since its previous CEO resigned in a pay dispute.
Nath, who was previously president of diagnostics at Siemens Healthineers, will take the reins at Smith & Nephew from April 1. The company said Diggelmann was leaving “by mutual agreement” on March 31.
Diggelmann was a non-executive director who stepped into the top job in November 2019 when former chief executive Namal Nawana quit after 18 months because the UK company could not meet his compensation demands, paying him less than at his previous US employer.
Roberto Quarta, chair of Smith & Nephew, said Nath was joining at an “inflection point” for the business and would bring his “drive, experience and expertise” to the company. At Siemens Healthineers, he oversaw a business segment with $ 6bn in sales and 15,000 employees.
“Deepak is a highly experienced leader with a track record of significant improvement in operations and execution at a major global healthcare business,” he said.
Smith & Nephew narrowly missed revenue expectations in the fourth quarter, reporting sales of $ 1.35bn, lower than the average analyst estimate for $ 1.36bn. Sales in the orthopedics business were hit by global supply chain disruption.
For the full year, sales increased 14.3 per cent year on year to $ 5.2bn. Earnings per share were 59.8 cents, up from 51.3 cents the year before.