Boston Scientific Corp named Johnson & Johnson executive Michael Mahoney as its new president and chief executive, replacing Ray Elliott, who announced in May he intended to step down.

Mahoney, 46, who has served as chairman of J&J's medical device and diagnostics business, will become Boston Scientific's president on October 17 and is expected to become CEO next year on Nov 1, 2012, to accommodate post-employment obligations with J&J, Boston Scientific said.

Hank Kucheman, Boston Scientific executive vice president, will serve as interim CEO until Mahoney assumes that role. Kucheman who now leads Boston Scientific's cardiology, rhythm and vascular group, the company's largest unit, will also join Boston Scientific's board of directors.

Elliott, who announced in May he would step down after two years at the helm of the struggling medical device maker, will assist Kucheman and Mahoney through the end of the year in the transition to their new roles. Elliott will remain on the company's board.

Mahoney was named head of J&J's medical device and diagnostics group in January and led its DePuy orthopedics business before that. He also was an executive in General Electric Co's healthcare unit for 12 years.

(Reporting by Susan Kelly in Chicago; editing by Andre Grenon, Phil Berlowitz)