Smith & Nephew PLC (LSE:SN) share prices weakened around 3% after the company announced that chief financial officer John Rogers will leave the company at the end of September.
The medical technology group's shares fell as low as 3.5% in early London trading to around 1,072p against Tuesday’s 1,110.5p close.
Rogers will remain CFO until 30 September 2026 but has stepped down from the board with immediate effect. Smith+Nephew said it has begun a search for his successor.
Pierre Palassian, senior vice president of finance and group controller, will serve as interim CFO until a permanent replacement is appointed.
Palassian has more than 20 years of experience in finance leadership roles and has previously led finance functions across Smith+Nephew’s Global Operations, R&D, Advanced Wound Management, Sports Medicine, International Markets and Emerging Markets businesses.
He joined the company in 2017 following senior roles at AbbVie and Abbott Laboratories (NYSE:ABT).
Chief executive Deepak Nath thanked Rogers for his contributions over the past 3 years, including work on the company’s 12-Point Plan, financial performance and development of its RISE strategy.
Smith+Nephew said Rogers will continue to receive his normal salary, benefits and pension contributions until his departure, with no severance payment.
Outstanding awards under the company’s Annual Incentive Plan, Performance Share Plan and Restricted Share Plan will lapse on 30 September in line with the relevant plan rules.
Roger is leaving the company for an external role in the US.