Smith & Nephew chief executive to stand down after pay row

October 27, 2019 Medical Devices, Medical Technology, Orthopedics, Smith & Nephew

Namal Nawana to be replaced by Roland Diggelmann at medical equipment maker

The chief executive of Smith & Nephew will step down after only 18 months in the job following a row over his pay.

The company, which makes artificial knee and hip joints as well as wound dressings, said Namal Nawana would stand down on 31 October by mutual agreement to pursue other opportunities outside the UK.

He will be succeeded by Roland Diggelmann, a former Roche Diagnostics executive, who has been on the Smith & Nephew board as a non-executive director since March 2018.

Diggelmann will take the helm on 1 November; Nawana will stay with the company until the end of December to “provide advice and assistance”.

It is understood that Nawana, who is based in Andover in Massachusetts, is leaving because his requests for higher pay, in line with the packages awarded by US medical device-makers, could not be met under UK corporate governance standards. The board reportedly discussed relocating the company to the US over the summer.

Shares in the FTSE 100 firm – which began as a pharmacy in Hull more than 160 years ago – fell more than 8% to £16.81 at lunchtime on Monday, wiping more than £1bn off its market value.

Diggelmann ran Roche Diagnostics, a subsidiary of the Swiss healthcare firm Roche with an annual turnover of CHF11.5bn (£9bn), for six years until 2018 and previously worked at Sulzer Orthopedics and Zimmer.

By Julia Kollewe | Guardian

Image Credti: Smith & Nephew

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Peter Coffaro is a growth-driven and strategic executive with over 25 years of progressive management success in the medical device industry. With a proven track record and recognized expertise, Peter has established himself as one of the top influencers in medical sales, as acknowledged by prestigious publications such as the World Journal of Orthopedics, Exponential Healthtech, and MedReps.com. Throughout his career, Peter has accumulated 10 years of combined sales management experience, excelling in various roles including Director, General Manager, Distributor, and Vice President. He has worked for industry-leading orthopedic companies such as Zimmer, DePuy, and Stryker, solidifying his deep knowledge and network within the field. Peter’s passion for innovation and emerging technologies led him to found OrthoFeed, an award-winning blog covering digital orthopedic news and emerging medical technologies. Through this platform, he stays at the forefront of the industry and contributes to the dissemination of valuable insights. Peter is a three-time Hall of Fame award winner at Johnson and Johnson, demonstrating his exceptional contributions and impact on the organization. His expertise extends to areas such as organizational development, business development, sales management, digital marketing, and professional education. Peter earned a B.S. degree in Biology and Chemistry from Northern Illinois University, further complementing his comprehensive understanding of the medical field. With his wealth of experience, strategic mindset, and dedication to advancing healthcare, Peter Coffaro is a valuable asset and leader in the medical device industry.