Baxter International announced it has named José (Joe) Almeida the company's Chairman and CEO, effective January 1, 2016.
Almeida, 53, will succeed Robert Parkinson, Jr., who has served as the company's Chairman and CEO since 2004 and will retire from these roles January 1.
Almeida previously served as president of Covidien's medical-device business, which accounted for about two-thirds of the company's annual revenue and roughly three-quarters of its operating profit.
According to Bloomberg, Almeida said he plans to review each of Baxter’s businesses, valuing the businesses based on cash flow projections to help determine where the company should focus. Some units will remain the same or smaller, while others will grow though acquisitions.
Read the Baxter press release