A Medical Device Daily
Guidant (Indianapolis) on Friday reported that Fred McCoy, president of Guidant Cardiac Rhythm Management (CRM), has elected early retirement, effective March 17. Guidant said that McCoy would be succeeded by an interim management team until closing of the company's acquisition by Boston Scientific (Natick, Massachusetts).
Immediately on the heels of that report, Boston Scientific issued a statement naming the leaders for the CRM group once the purchase is completed, still expected in the first week of April.
The new CRM leadership team will consist of Mark Bartell, current president of U.S. sales operations for Guidant; Fred Colen, executive vice president and chief technology officer for Boston Scientific; and William McConnell, vice president and chief information officer for Guidant.
Bartell and McConnell, the latter heading Guidant's activities for its integration into Boston Scientific, will serve as co-heads of the company's global cardiac rhythm management business until the transaction is completed.
The new CRM leadership team will report to Jim Tobin, president and CEO of Boston Scientific.
Tobin, said, “We look forward to applying their combined talents to leading the recovery of the CRM business. We believe strongly the combination of Guidant's state-of-the-art technology and dedicated people will allow the new CRM leadership team to recover both market share and reputation. I am fully committed to providing them the resources they need to make this happen.“
Commenting on his retirement plans, McCoy said that the company's purchase by Boston Scientific “is the appropriate time for me to depart. I do so with every wish and expectation for the success of the fine people of the company and of those that we serve.“
McCoy spent his entire 25-year business career with Guidant and its pre-split-off owner, Eli Lilly and Co. (also Indianapolis), in a variety of global assignments.
James Cornelius, CEO and chairman of Guidant, said that McCoy “was instrumental in the market adoption of new Guidant products for the treatment of sudden cardiac death and heart failure. His tireless efforts and dedicated service have contributed greatly to Guidant's success over the years.“
McCoy in 2000 was promoted from president of Guidant's Asia Pacific operations to president of Cardiac Rhythm Management. From 1995 to 1997, he was vice president, U.S. Operations West. Before that he was general manager, Northwest operations in Seattle for Eli Lilly's Medical Devices and Diagnostic Division. In 1991, he became CFO of Cardiac Pacemakers, now Guidant Cardiac Rhythm Management. Before that, he held a series of positions with Lilly in Indiana, Alabama and California.