St Jude Says Group President Joseph McCullough To Retire
2009年10月27日 - 5:31AM
Dow Jones News
A top St. Jude Medical Inc. (STJ) official in charge of sales
and marketing is stepping down and retiring shortly after the
company announced weaker-than-expected quarterly results pegged to
slow sales at U.S. hospitals.
Joseph H. McCullough, 59, group president for the U.S. and
international division, plans to retire effective Nov. 1, St. Jude
said in a filing with the Securities and Exchange Commission. His
duties will be divided between Michael T. Rousseau, St. Jude's
other group president, and Chief Executive Daniel J. Starks.
St. Jude declined on Monday to comment on McCullough's departure
beyond saying that he's retiring. But the move comes days after
Starks said the company will hold its leaders accountable and is
making changes where needed.
"Where we have the right leadership in place, we continue to
maintain a high level of operating discipline," Starks said during
St. Jude's earnings conference call last Wednesday. "Where we do
not have the right leadership in place, we are making changes."
"Starting with me, our leadership team is accountable for making
sure that spending does not get ahead of sales," Starks also said,
while adding that St. Jude will take corrective actions when
needed. The company recently cut about 450 jobs.
Sales in the recent quarter were slowed by U.S. hospitals either
refraining from purchasing heart-rhythm devices or pushing for
price cuts St. Jude wouldn't accept.
"We view the sudden departure of what appears to be STJ's No. 2
position as part of a broader shakeup within the company,"
Citigroup analyst Matthew Dodds said in a note to investors.
Going forward, Rousseau will assume responsibility for St.
Jude's U.S. division - a business Rousseau led for six years until
January 2008 - while he continues to oversee the company's big
heart-rhythm devices unit.
The international division and the business units for atrial
fibrillation, cardiovascular and neuromodulation products will
report directly to CEO Starks. The product-related units have been
reporting to Rousseau.
As head of the product units, Rousseau has been responsible for
products from concept to launch. But once launched, management
responsibility shifted to McCullough's divisions.
Both Rousseau and McCullough were appointed to their group
president positions about two years ago as part of broader moves to
expand St. Jude's organizational structure. At the time, Starks
described the moves as part of St. Jude's comprehensive program to
again double its size within five years.
The company's shares rose 0.9% to $34.72 in late trading
Monday.
-By Jon Kamp, Dow Jones Newswires; 617-654-6728;
jon.kamp@dowjones.com