Smiths Group Announces Management Change

Smiths Group plc today announces that Srini Seshadri will step down as President of Smiths Medical to be succeeded by Jeff McCaulley, effective from 3 March 2014.

Chief Executive Philip Bowman said: “I thank Srini for all his efforts and wish him well in his future career. Srini joined Smiths Medical at a difficult time inheriting an underperforming business.  He has succeeded in rebuilding the trust of customers, driving strong improvements in product quality, while globalising the division and significantly enhancing margins. After eight years we both feel it is time for new leadership and a fresh approach.  Our Medical division has been through a difficult period.  It has had to absorb the medical devices tax in the US, sector pricing pressures, distributor destocking and the inevitable disruption caused by an approach last year to acquire the business.”

McCaulley, most recently President of Zimmer’s Global Reconstructive Division, is a 25-year veteran of the healthcare industry having held senior posts in Wolters Kluwer, Medtronic, and General Electric Medical Systems. Aged 48, he is a US citizen.

“I am delighted to welcome Jeff into the Smiths family of businesses.  His knowledge of the sector, outstanding track record in improving business performance and focus on customer-driven product development ideally equip him to lead Smiths Medical in the next stage of its development.” Bowman added.