Richard Meelia, president and CEO of healthcare technology firm Covidien, will retire effective July 1, the company announced.
Covidien said that Jose (Joe) Almeida, president of Covidien's Medical Devices business segment, will succeed Meelia as president and CEO.
Meelia will serve as nonexecutive chairman of the board for a transition period of up to one year following his retirement as CEO.
Meelia was elected president and CEO of Covidien when the business was known as Tyco Healthcare and spun off from parent company Tyco International in June 2007. He became chairman in October 2008.
Almeida joined Tyco Healthcare in 1995 and was appointed to his current position as head of Medical Devices in October 2006. The Medical Devices business accounts for approximately two-thirds of Covidien's total annual revenue and three-quarters of its operating profit.
