DUBLIN--(BUSINESS WIRE)-- Covidien plc (NYSE: COV - News) today announced that its Board of Directors has elected President and Chief Executive Officer José E. Almeida to the additional position of Chairman of the Board, effective March 13, 2012.
Mr. Almeida will succeed Richard J. Meelia, who has served as Chairman since October 2008. Mr. Meelia agreed to serve as Non-Executive Chairman of the Board for a transition period of up to one year following his July 2011 retirement as President and Chief Executive Officer.
“Joe has done an outstanding job leading the organization since becoming President and CEO last July,” said Timothy M. Donahue, lead director of the Company’s Board. “His drive to create long-term shareholder value and his vast knowledge of the global healthcare marketplace significantly enhance the Company’s already strong prospects for sustained growth and progress.”
Mr. Almeida, 49, became President, Chief Executive Officer and a member of the Board of Directors of the Company on July 1, 2011. Prior to becoming President and CEO, Mr. Almeida served as President of Medical Devices, Covidien’s largest business segment, which accounts for about two-thirds of the Company’s total annual revenues and about three-quarters of its operating profit.
Mr. Almeida joined the Company, then known as Tyco Healthcare, in 1995 as Director of Manufacturing and Corporate Engineering. He later served as Vice President of Global Manufacturing and then President of International in 2004. Tyco Healthcare spun off from parent company, Tyco International, in June 2007. Mr. Almeida also held mid- and senior-level positions at Andersen Consulting, Johnson & Johnson, Acufex Medical and Greatbatch, Inc.
A graduate of the Instituto Maua de Tecnologia in São Paulo, Brazil, with a Bachelor of Science degree in mechanical engineering, Mr. Almeida serves on the executive committee of the Advanced Medical Technology Association (AdvaMed).
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2011 revenue of $11.6 billion, Covidien has 41,000 employees worldwide in more than 65 countries, and its products are sold in over 140 countries. Please visit www.covidien.com to learn more about our business.
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