Pete M. Nicholas, the company's co-founder and chairman of its board, will retire from the board of Boston Scientific in May. Nicholas served as Boston Scientific's chief executive officer and co-chairman of the board since its founding in 1979. In 1995, Pete stepped down as CEO and became its chairman. During his almost 40 years of leadership, the company grew to become a global leader in the field of interventional medicine, improving the lives of patients worldwide.
The board appointed the company's president and CEO, Michael F. Mahoney, to serve as chairman of the board upon Pete's retirement. Current director Edward J. Ludwig, former CEO and chairman of the board of Becton, Dickinson and Company, will serve as lead independent director. Both will assume the new roles immediately following the Annual Meeting.
Outgoing Chairman Nicholas expressed confidence in Mahoney in his expanded role as company chairman. He also praised the company's employees and thanked them for their innovative and team-based winning spirit that enabled to company to achieve success.
In addition, current Directors Ernest Mario, Ph.D. and Nick Nicholas, Jr. have also decided to retire from the board. Nick Nicholas, brother of Pete Nicholas, joined the board in 1994 and chairs its Nominating and Governing Committee. Mario, who joined the board in 2001, is chair of its Executive Compensation and Human Resources Committees and is a member of its Audit Committee. Both Mario and Nick Nicholas plan to continue to serve in their current capacities until the Annual Meeting in May.
The board has also appointed Ellen M. Zane as a new director, effective April 15. Zane brings deep healthcare experience to the Boston Scientific board; she has served as the CEO of Tufts Medical Center and the Floating Hospital for Children, network president of Partners HealthCare System and chair of the Massachusetts Hospital Association.