Richard Meelia is slated to retire as president and chief executive officer of Covidien this summer.

Covidien, CEO, chief executive officer, Richard Meelia, Jose Almeida, Medical Devices business, nonexecutive chairman, Timothy Donahue, pharmaceutical, health care products, Tyco Healthcare, Covidien chairman

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Covidien CEO to retire; successor named

March 21st, 2011

DUBLIN, Ireland – Richard Meelia is slated to retire as president and chief executive officer of Covidien this summer.

The pharmaceutical and health care products company said plans call for Meelia to retire on July 1 and then serve as nonexecutive chairman during a transition period of up to one year.

Meanwhile, the Covidien board announced that Jose Almeida, president of the company's Medical Devices business segment, has been elected to succeed Meelia as president and CEO.

"Rich Meelia has been a strong and highly effective leader, and his service as CEO is deeply appreciated," stated Timothy Donahue, lead director on the Covidien's board. "Under his leadership, Covidien has introduced a record number of innovative new products, realigned and strengthened its portfolio, significantly reduced costs, developed a deep bench of management talent and created increased value for shareholders.

"We are very pleased that Covidien will continue to have the benefit of his invaluable counsel as we transition smoothly to Joe Almeida's leadership of our world-class management team," Donahue added.

Meelia, 62, was elected president and CEO of Covidien when the business, then known as Tyco Healthcare, was spun off from parent company Tyco International in June 2007. He was elected Covidien chairman in October 2008.

"I am very proud of all that we have achieved in the four years that Covidien has been an independent company," commented Meelia. Covidien noted that under his leadership, the company delivered significant gains in operational sales, profit margin and earnings per share. "We have great vitality across our broad product range, strong growth momentum in new and established markets, and an unrivaled commitment to innovation that offers us tremendous prospects for the future.

"Fortunately, I have been surrounded by a dedicated, talented and highly effective team for the past 20 years. It has been an honor to lead such an outstanding organization, and I look forward to continuing to serve on the board," he stated.

Almeida, 48, joined Tyco Healthcare in 1995 and was appointed to his current position as head of Medical Devices in October 2006. Covidien said the Medical Devices business is its largest segment, accounting for about two-thirds of its total annual revenue and three-quarters of its operating profit.

Under Almeida, the Medical Devices business grew its sales at a 9% compounded annual growth rate; introduced more than 70 innovative products in fast-growing, high-margin categories; launched the company’s emerging markets growth initiative while significantly expanding global sales and marketing functions; improved speed-to-market; and strengthened the company's focus on innovation and evidence-based medicine, according to Covidien.

"Joe has an outstanding track record of achievement. His comprehensive knowledge of our business and his decisive management style make him uniquely qualified to lead Covidien into a new era of strong profitable growth," Donahue noted. "Under Joe's dynamic leadership, Covidien will accelerate its drive to the frontiers of innovation. We are delighted that Joe will be our new chief executive officer."