“I am proud to be leaving Smith & Nephew in a strong position for the next phase of its development." ... Smith …
... Smith …
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Prior to Smith & Nephew Namal was Chief Executive Officer and a member of the Board of Medical Diagnostics Company Alere Inc, until its $8 billion acquisition by Abbott in 2017. Namal Nawana. “I am proud to be leaving Smith & Nephew in a strong position for the next phase of its development." Try full digital access and see why over 1 million readers subscribe to the FTFT print edition delivered Monday - Saturday along with ePaper accessPremium FT.com access for multiple users, with integrations & admin toolsPurchase a Trial subscription for 1,00 € for 4 weeks You will be billed 60,50 € per month after the trial endsPurchase a Digital subscription for 6,50 € per week You will be billed 37,50 € per month after the trial endsPurchase a Print subscription for 14,98 € per week You will be billed 64,92 € per month after the trial endsPurchase a Team or Enterprise subscription for per week He will join the company and be appointed to the board as an executive director 7 May 2018.
Medical devices group gets new lease of life under deal making veteran.
Stay informed and spot emerging risks and opportunities with independent global reporting, expert Namal Nawana (born 1970/1971) is an Australian businessman, and former chief executive (CEO) of Smith & Nephew plc, a British multinational medical equipment manufacturing company..
Namal Nawana will leave the medical equipment maker to pursue other opportunities outside of the UK, the FTSE 100 company said. Medical device manufacturer Smith & Nephew’s chief executive has announced his departure “by mutual agreement” with the board amid reports he was unhappy with his pay.Namal Nawana will be replaced by former Roche Diagnostics chief Roland Diggelman after just 18 months in the role, sending shares tumbling eight per cent to 1,683p.Smith & Nephew, which makes artificial hip and knee replacements, said Nawana will “pursue other opportunities outside of the UK” but will be on hand to offer advice until the end of the year.“Namal has substantially transformed the business with a new strategy, purpose and culture, and renewed commitment to innovation, returning it to an improved growth trajectory,” chairman Roberto Quarta said.However, Nawana was reportedly dissatisfied that the company could not meet his pay demands.Nawana took a substantial salary cut to join the firm from the US, That saw his pay reduced from the $8.6m (£6.6m) he earned in 2016 at Alere, the diagnostics company he founded and sold to Abbott Laboratories, to $2.8m in the first seven months of 2018 at Smith & Nephew.But 12.4 per cent of shareholders votes against executive pay at Smith & Nephew at its last annual meeting, with the firm working on a new remuneration package to introduce next year.In June it was reported that Smith & Nephew was examining ways to switch its stock market listing to the US, where fewer restrictions exist on executive pay.AJ Bell investment director Russ Mould credited said Australian Nawana with reviving the firm’s share price with a strategy to improve accountability and reduce duplication of effort.“There appears to be a pretty simple reason Nawana is leaving – pay,” Mould added.“It became apparent over the summer that the company was looking for ways to increase its head honcho’s remuneration with apparent discussions about a move to a US listing to escape an increasing backlash in the UK towards excessive executive pay.”“The fear will be that this revamp of the business will be derailed by Nawana’s departure despite efforts to allay these concerns,” Mould said.“Diggelmann faces a tricky task of balancing the need for continuity with a likely ambition to bring his own ideas to the role.”“I am certain that Roland’s leadership qualities, combined with his excellent track record of delivering results in an innovation-led business, his deep expertise in the medical devices industry, and his knowledge of Smith & Nephew, make him the right person to build on the company’s success into the future,” Quarta said.Diggelman joined Smith & Nephew as a non-executive director in March 2018, after serving as chief executive of Roche Diagnostics, which when he left counted $11.5bn (£8.9bn) in global turnover.This field is for validation purposes and should be left unchanged. For the best Barrons.com experience, please update to a modern browser. The board Shares in the FTSE 100 firm – which began as a pharmacy in Hull more than 160 years ago – fell more than 8% to £16.81 at lunchtime on Monday, wiping more than £1bn off its market value.Analysts at Berenberg noted that Diggelmann was considered for the CEO role in October 2017 but was unable to join then from Roche Diagnostics.
Early life. Namal is based in Andover, US. When Namal Nawana was wooed to take the top job at Smith & Nephew, he took a hard look at the venerable UK medical devices company and found both a puzzle and an opportunity.
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Namal Nawana will be replaced by former Roche Diagnostics chief Roland Diggelman after just 18 months in the role, sending shares tumbling eight per cent to 1,683p. © 2020 Guardian News & Media Limited or its affiliated companies. So, my initial impression was, why is a company with such great … Most recently, Namal was Chief Executive Officer of …
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