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Ray Elliott

Ray Elliott

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Boston Scientific Corp.

(BSX) announced Thursday that long-time Chief Executive Jim Tobin plans to retire next month, and that Ray Elliott, the former chief at Zimmer Holdings Inc.

(ZMH), will take the helm.

The announcement and plan for rapid succession surprised analysts, but Boston Scientific officials said transition planning to replace Tobin, 64, was actually put in motion back in November.

Shares moved higher on the news, topping $10 for the first time since October, and were recently up 8.4% to $10.32.

"Considering Mr.

Elliott's familiarity with the company and success at Zimmer, investors should be initially encouraged," Morgan Stanley ...



http://online.wsj.com/article/BT-CO-20090625-711157.html
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