By Uday Sampath Kumar (Reuters) - Smith+Nephew Plc Chief Executive Namal Nawana is stepping down after just 17 months in the role after becoming dissatisfied with his … You can follow Phil on Twitter @PhilWinterBiz, or on Linkedin by clicking Alternatively, email him on [email protected], or call 01482 315360.Keep up to date with the latest business news in the Hull & Humber region When you subscribe we will use the information you provide to send you these newsletters.
Prior to Smith & Nephew Namal was Chief Executive Officer and a member of the Board of Medical Diagnostics Company Alere Inc, until its $8 billion acquisition by Abbott in 2017.
Starting Nov. 1, Nawana will be replaced by the former CEO of …
In August, Smith & Nephew raised its full-year revenue growth targets for 2019 for a second time in three months, following strong performance at the company. As chief executive of Alere, a US medical diagnostics company, Mr Nawana earned a $8.6m pay package in 2016 and $11.1m in 2015. Namal Nawana (born 1970/1971) is an Australian businessman, and the chief executive (CEO) of Smith & Nephew plc, a British multinational medical equipment manufacturing company, since May 2018, when he succeeded Olivier Bohuon. The Role of the Chief Executive Officer .
Nawana, who steps down at the end of the month, did not respond to request for comment on LinkedIn.Faced with stricter rules in the United Kingdom designed to tackle soaring executive pay, the company is in talks with shareholders over its 2020 remuneration policy.
Smith+Nephew is looking to Diggelmann, with more than 20 years in the orthopedics and diagnostics sectors, to continue revenue growth by building on Nawana's strategy. Analysts expect Smith+Nephew's revenue to rise more than 4% this fiscal year, compared with the 0.8% to 3% growth the company has had over the last three years.
He hired heads for the company's main divisions of sports medicine, orthopaedics and wound management to speed up product development.Results came quickly as the company reported higher than expected half-year profit and boosted its 2019 revenue forecast in July.
A spokeswoman gave no additional details.
"Sales at Smith & Nephew hit $2.49bn in the first half of 2019 – up from $2.44bn in the same period last yearOperating profits rose to $419m, boosted by a string of impressive acquisitions from Smith & Nephew in 2019.Earlier this year, Smith & Nephew increased its full-year revenue growth target to 3.5 per cent.It has however now said that growth could pass four per cent, as 2019 continues to reap rewards for the FTSE 100 manufacturer.Mr Nawana’s successor, Mr Diggelmann, will take on his new responsibilities on November 1.Smith & Nephew’s current CEO will be employed and provide advice and assistance to the company’s new boss in his new role until the end of the year.Namal Nawana said: "There is clear momentum behind our strategy laid out last year, underlined by the company's performance generated by our team during 2019.“I am proud to be leaving Smith & Nephew in a strong position for the next phase of its development. Nawana, who joined the British maker of artificial knees and hips in May 2018, received total pay of $2.88 million that year, according to the company's last annual report. He has already had a hand in many decisions having been a board member since March last year.
Namal is based in Andover, US. Joined the Board and was appointed Chief Executive Officer in May 2018. "During his time with Smith & Nephew, Namal has substantially transformed the business with a new strategy, purpose and culture, and renewed commitment to innovation, returning it to an improved growth trajectory.“I would like to thank Namal for his leadership and many contributions to the Company, our employees, customers and stakeholders.
Namal Nawana has quit as chief executive of Smith & Nephew after 18 months because the UK medical devices company could not meet his pay demands. Smith & Nephew CEO Namal Nawana will step down after about a year and a half in the position over salary demands. Mr Nawana joined the Hull-based company just 19 months agoFTSE 100 medical manufacturer Smith & Nephew has announced its CEO Namal Nawana is to step down from the role next week.Mr Nawana, who joined the Hull-based company just 19 months ago, has led Smith & Nephew through a vital phase of its growth.In August, Smith & Nephew raised its full-year revenue growth targets for 2019 for a second time in three months, following strong performance at the company.However, amid reports of a pay dispute between Mr Nawana and Smith & Nephew, the FTSE giant’s CEO will leave his role on October 31.He will be succeeded by Roland Diggelmann, who joined the business as a non-executive director last year.Roberto Quarta, chairman of Smith & Nephew, said: "On behalf of the Board, I am delighted to welcome Roland Diggelmann as Smith & Nephew's incoming CEO.“I am certain that Roland's leadership qualities, combined with his excellent track record of delivering results in an innovation-led business, his deep expertise in the medical devices industry, and his knowledge of Smith & Nephew, make him the right person to build on the Company's success into the future.
However, amid reports of a pay dispute between Mr Nawana and Smith & Nephew, the FTSE giant’s CEO will leave his role on October 31. "Business Live's Hull & East Yorkshire journalist is Phil Winter, also the business editor at the Hull Daily Mail and Hull Live. Namal Nawana, CEO of Smith & Nephew, will leave ‘by mutual agreement’.
1 being least likely, and 10 being most likely
Sorry you must be at least 19 years of age to consume this content.The company said Nawana, who will be replaced by former Roche Diagnostics head Roland Diggelmann, was leaving to pursue opportunities outside the United Kingdom and his departure was a mutual decision.
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