Baxter Seeking Outsider As CEO? Abbott Alumnus On Baxter Short List

Baxter International Inc. (NYSE:BAX - News), the ailing medical products company in the midst of a chief executive search, will likely tap an outsider with a strong marketing background for the top job, analysts said. Traditionally, the path to Baxter's chief executive suite has been through the financial ranks. CEO Harry Kraemer, who has agreed to remain in his position until his successor is named, was previously the company's chief financial officer. But that recipe turned stale after Kraemer consistently misread the company's blood products business, resulting in several profit warnings throughout 2003. Baxter, which also makes vaccines and products used to deliver medication and fluids intravenously, needs to regain the confidence of Wall Street with an outsider, analysts said. The Deerfield, Illinois-based company has retained executive search firm Heidrick & Struggles International Inc. (NasdaqNM:HSII - News) to conduct the search. Robert Parkinson, formerly the No. 2 executive at Abbott Laboratories, is on the short list of candidates being considered for the top job at medical products giant Baxter International Inc., according to sources close to the search process.

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