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Smith & Nephew chief executive Olivier Bohuon to step down next year

The FTSE 100-listed company said it has started to search for a new chief executive to replace Olivier Bohuon

Smith & Nephew
Smith & Nephew's CEO is to retire after seven years in the role

Smith & Nephew PLC (LON:SN.) chief executive Olivier Bohuon is to step down from the medical equipment manufacturer by the end of 2018 after seven years in the role.

The group said the 58-year-old will continue to lead the company until a successor is found.

READ: Smith & Nephew shares gain as it leaves guidance unchanged after posting 3% rise in underlying first-half revenue

"Since I joined the company in 2011, we have transformed Smith & Nephew into a more focused, efficient and innovative business and I am proud of the value we have created for all of our stakeholders,” Bohuon said in a statement.

“Looking ahead to the next long-term phase of growth, I have decided to announce my retirement plans now, providing ample time to identify a successor and ensure a smooth transition.”

READ: Tough market conditions in China and the Gulf States weigh as Smith & Nephew's 2016 profits miss forecasts

Bohuon had his pay cut by 38% to US$3.32mln for 2016 after falling short of his performance targets and the London-listed group reduced his cash bonus by 10% as the company did not reach its financial objectives. 

The move came as Smith & Nephew overhauled its remuneration policy following a backlash from shareholders.

Quick facts: Smith & Nephew PLC

Price: 49.54 USD

NYSE:SNN
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Market Cap: $21.68 billion
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