Guidant Corp. Announces CEO Retirement and Organizational Shake-Up

Strategic Insights -

Guidant Corp.'s president and CEO, Ronald W. Dollens, will retire on December 31, 2004, after 32 years of service. The company's market capitalization has grown nearly 20 times since its initial public offering in 1994. A revised management structure will take effect immediately, with Group Chairman Guido Neels becoming the company's COO. The office of the president, established three years ago, will be replaced.

Key Takeaways:

  • Guidant Corp.'s CEO, Ronald W. Dollens, will retire on December 31, 2004, after 32 years of service.
  • The company's market capitalization has grown nearly 20 times since its initial public offering in 1994.
  • A revised management structure will take effect immediately, with Group Chairman Guido Neels becoming the company's COO.
  • The COO will oversee global operations and the presidents of Guidant's four operating units.
  • Group Chairman A. Jay Graf will retire in July 2004.
  • The company will transition from a president-led structure to a COO-led structure.

Statistics:

  • Guidant Corp.'s market capitalization has increased by approximately 1900% since its initial public offering in 1994.
  • Ronald W. Dollens has served as CEO for 10 years, since the company's split-off from Eli Lilly and Co. in 1995.
  • Guidant has four operating units: cardiac rhythm management, vascular intervention, cardiac surgery, and endovascular solutions.
  • The company's revised management structure will be led by the COO and the presidents of the four operating units.

Sources:

  • "Guidant Corp. Announces CEO Retirement," NewsRx.com & NewsRx.net, 2004 JUN 14.