Baxter International Inc. (NYSE: BAX), a global medtech leader, announced the immediate retirement of José (Joe) E. Almeida from his roles as Chairman, President, and Chief Executive Officer, effective February 3, 2025. Almeida will continue to serve in an advisory capacity through October 31, 2025.
Brent Shafer, previously the company’s Lead Independent Director, has been appointed as Chair and Interim CEO. The Board of Directors has initiated a comprehensive search for a permanent CEO, evaluating both internal and external candidates with the assistance of a leading search firm.
In conjunction with these changes, Heather Knight has been appointed as Executive Vice President and Chief Operating Officer (COO), effective immediately. Knight will oversee Baxter’s day-to-day business operations, including global sales, marketing, research and development, supply chain, and medical and regulatory affairs. She will report directly to the Interim CEO and also serve as Interim Group President, Medical Products & Therapies.
Almeida joined Baxter in January 2016, bringing over three decades of experience in the healthcare industry. During his tenure, he led significant strategic transformations, including the divestment of non-core assets and the implementation of a new operating model to accelerate innovation and deliver value. Under his leadership, Baxter completed the sale of its Kidney Care business to Carlyle on January 31, 2025.
“It has been an immense honor to lead the exceptionally talented Baxter team, which is united by our mission and passionate about serving the more than 350 million patients who count on us every year,” said Almeida. “With the key elements of our broad strategic transformation complete, this is the right time for a new CEO to lead the company into its next chapter.”
Shafer brings extensive leadership experience to his interim role, having previously served as Chairman and CEO of Cerner Corporation and holding senior positions at Philips North America, GE Medical Systems, and Johnson & Johnson. He will continue to serve as Chair of Baxter’s Board of Directors.
Knight, who joined Baxter in 2019, has held various leadership roles within the company, including President of Baxter’s Americas region and head of the Acute Therapies, Clinical Nutrition, and Medication Delivery business units. Prior to Baxter, she held positions at Medtronic, Covidien, Tyco Healthcare, and Kendall.
Baxter remains committed to its 2025 financial objectives, projecting operational sales growth of 4% to 5% and an adjusted operating margin of approximately 16.5%. The company is working to assess the potential impact of recently announced U.S. tariffs on imports from Mexico, Canada, and China and plans to provide an update during its fourth-quarter 2024 earnings conference call scheduled for February 20, 2025.
