Boston Scientific Corp. said on Tuesday that its president and chief executive officer Jim Tobin will be extending his tenure at the company and the he plans to remain in the role for the foreseeable future.
Tobin will also take on the role of chief operating officer on July 1 after current COO Paul LaViolette steps aside to become a senior adviser reporting to Tobin. LaViolette has been with the company since 1994. He became COO in 2005.
Boston Scientific chairman Pete Nicholas says Tobin will shift his attention from the integration of Guidant to focus on company strategy, development of human capital, organization efficiency, effectiveness and simplifying and streaming.
All of us on the Board believe Jim remaining CEO is in the best interest of the Company, its employees, customers, patients and shareholders, Nicholas said in a statement.
The company also announced that Fred Colen, an executive vice president will become President of the company's Cardiac Rhythm Management group.
Shares of Boston Scientific rose 29 cents, or 2.21 percent to $13.40.