CEO Transitions at Boston-Power and Boston Scientific: Schmid Out at Battery Firm, Mahoney In at BSX
Interesting day for a couple of companies whose names start with “Boston.” Who’s next, Boston Dynamics? Boston Harbor Cruises? Maybe the Boston Red Sox.
—Westborough, MA-based Boston-Power, a developer of advanced lithium-ion battery technology, saw three top executives leave last Friday, including CEO Keith Schmid. The news was first reported by Mass High Tech this morning. Chief financial officer Steve Byram and vice president of marketing Sally Bament have also left the company, according to the report.
Boston-Power hired Schmid as chief executive this past February, replacing founder Christina-Lampe Onnerud (an Xconomist), who took the role of executive chairman of the company.
A spokesperson for Boston-Power declined to offer any comment beyond what has been reported in area media outlets today; the accuracy of the reports was not disputed, however. Schmid, Byram, and Bament’s names still remain on the Boston-Power website as of this evening. The company is expected to announce a new financing round soon, much of which comes from Chinese investors, according to the original report.
—Natick, MA-based Boston Scientific (NYSE: BSX) has appointed Michael Mahoney, 46, as the company’s new president (as of next month) and future CEO (slated for November 1, 2012). Mahoney, formerly worldwide chairman of the medical device and diagnostics group for Johnson & Johnson, will succeed interim CEO Hank Kucheman. Just to complicate matters, Kucheman isn’t actually interim CEO yet—he’s executive vice president and group president—because current CEO Ray Elliott hasn’t stepped down yet (not until October 17).
Back in May, my colleague Luke reported that Elliott announced his resignation less than two years after he was brought in to help turn things around for the medical device company. “Investors will surely frown on the Elliott era,” Luke wrote, because of declining sales figures and stock prices.