Medical device maker Boston Scientific Corp. says Ray Elliott will retire as president and CEO on Dec. 31.
The company says Elliott will sit on a special committee that will select his successor. Elliott became president and CEO of Boston Scientific in July 2009, replacing Jim Tobin. He will remain on the Natick, Mass., company's board of directors.
Elliott, 61, says the company is well-positioned for growth and it is time for a longer-term CEO.
Elliott moved to reposition Boston Scientific by cutting 10 percent of its jobs, restructuring the company, selling its neurovascular business, and acquiring a group of smaller companies.
Shares of the company slipped 8 percent to $7.10 in morning trading.
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