Boston Scientific Announces Retirement of Ray Elliott as President and CEO Effective End of 2011 Boston Scientific Corporation (NYSE: BSX) today announced that Ray Elliott will retire as President and Chief Executive Officer on December 31, 2011. ...

NATICK, Mass. , May 10, 2011 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX ) today announced that Ray Elliott will retire as President and Chief Executive Officer on December 31, 2011 . The Board has created a special CEO search committee, on which Elliott will serve as a member, to select the Company's next President and CEO.

"We believe we have accomplished a lot during my time here: a strengthened senior leadership team, a clear and executable strategic plan we call 'POWER,' a basis for success in Emerging Markets, a solidified balance sheet due to debt paydown and refinancing and much more," said Elliott. "And while the Company continues to evolve, we expect that much of the turnaround work will be complete by the end of the year. We believe we are well positioned for future growth. Therefore, I believe the time is right for someone new to take the reins, complete execution of that plan and take Boston Scientific to the next level and new heights."

"On behalf of the entire Company and Board of Directors, I would like to thank Ray for his extraordinary leadership," said Pete Nicholas , Chairman of the Board of Boston Scientific. "Since assuming the CEO position, he has applied his considerable business acumen in ways that have made us a more focused, efficient and competitive corporation. His commitment to excellence has permeated our global organization, and has imparted us with a solid foundation on which to further grow and succeed with new products and in new markets."

Under Elliott's leadership, the Company made considerable progress in its businesses by:

"I firmly believe that the foundation we have built will allow Boston Scientific to grow and provide increased shareholder value," concluded Elliott. "It has been an honor to serve as CEO. I have great confidence in this Company, our POWER strategy, and the ability of our senior leadership team to achieve our near-, medium- and long-term goals. As a director, I will focus my efforts on our Leadership Academy, Emerging Markets and our 'Close the Gap' initiative that seeks to improve upon disparities in the delivery of healthcare to women, African Americans and Latino Americans."

The CEO search committee has commenced its efforts to seek a seasoned, long-term CEO to lead the Company in the next phase of its growth. The Company expects to identify and announce this individual by December 31, 2011 .

About Boston Scientific

Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com .

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend," "aim" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding Mr. Elliott's anticipated future role on the Board of Directors; the timing of the Company's identification of a new President and CEO; our senior leadership team; strategic plans, operating plans and human resources/talent review plans; strategic and operational goals; near-, medium- and long-term goals; growth and cost savings initiatives; research and development, new products and new markets; litigation; and the strength of our balance sheet; cash flows; debt reduction; revenue growth; risk exposure; and our financial condition and performance. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.

SOURCE Boston Scientific Corporation