Smith & Nephew CEO to Step Down Next Week, Reportedly a Pay Issue
Today Smith & Nephew announced that Namal Nawana will step down from his position of CEO and Board member on October 31. Effective November 1, Roland Diggelmann, most recently the CEO of Roche Diagnostics, will assume the role of CEO of Smith & Nephew. Nawana will stay at the company until December 31 to help with the transition.
Nawana’s exit is reportedly over salary, according to various media reports, including Reuters. According to Reuters, Nawana only joined Smith & Nephew in 2018, receiving $2.88 million that year, while the previous CEO, Olivier Bohuon received $5.12 million the previous year.
“Namal has been instrumental in delivering on a critical phase of Smith+Nephew’s development, accelerating revenue growth across franchises and geographies as well as improving profitability,” stated a Smith & Nephew press release. “The new CEO and senior leadership team will now build on these strong foundations to further drive commercial execution and deliver on the Company’s strategic ambitions.”
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