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CORRECTED - UPDATE 1-Boston Scientific's CEO to retire July 13

Thu Jun 25, 2009 10:11am EDT

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(Corrects length of Tobin's CEO tenure at Boston Scientific in paragraph 2)

CHICAGO, June 25 (Reuters) - Cardiovascular device maker Boston Scientific Corp (BSX.N) said its chief executive, James Tobin, will retire next month and will be replaced by Ray Elliott, former chief executive of Zimmer Holdings (ZMH.N), the world's largest manufacturer of orthopedic devices.

Tobin, whose 10 years at the helm of Boston Scientific was marked by the company's $27 billion acquisition of Guidant Corp in 2006 and the subsequent sharp decline in the company's shares, will step down on July 13.

Elliott, 59, joined Boston Scientific's board member in 2007 but said in March he would not stand for re-election. He will now rejoin the board of directors and also assume the title of president.

The move will reunite Elliott with Sam Leno, Boston Scientific's current chief financial officer, who served under Elliott at Zimmer as CFO. (Reporting by Debra Sherman; Editing by Derek Caney)



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