Medical device maker Boston Scientific Corp said on Tuesday that Chief Executive Ray Elliott will step down at the end of 2011 after a short tenure, sending its shares down nearly 10 percent.

In a statement, Elliott said it was time for me to permanently pass the baton to a long-term CEO. The company said it had created a committee that includes Elliott to search for a successor.

Elliott, who took the top job about two years ago, will serve as CEO until December 31.

(Reporting by Michele Gershberg, editing by Gerald E. McCormick)