Baxter Appoints New CEO as Company Completes Major Restructuring

Baxter International Inc., a leading global medical products company, has announced the appointment of Andrew Hider as its new Chief Executive Officer. This move marks a significant milestone for the company as it emerges from a years-long restructuring process aimed at streamlining operations and refocusing its business strategy.

Leadership Transition

Andrew Hider, who brings extensive experience in industrial automation and healthcare technology, will take the helm at Baxter no later than September 3. Hider's appointment comes following the retirement of long-time CEO José Almeida earlier this year. Brent Shafer, who has been serving as interim CEO since February, will transition to the role of independent chair of Baxter's board.

Hider joins Baxter after an eight-year tenure as CEO of ATS, a provider of factory automation solutions across multiple industries, including life sciences. During his time at ATS, the company nearly doubled its adjusted revenue over five fiscal years while undergoing significant restructuring and portfolio adjustments.

"Andrew is an exceptional leader with a strong track record of operational excellence, disciplined execution and innovation," said Shafer. "We are confident he is the right executive to lead Baxter into its next chapter."

Strategic Restructuring

Hider will inherit a substantially leaner Baxter, following a series of strategic divestments:

• In February, Baxter sold its Vantive kidney care unit to The Carlyle Group for $3.8 billion.
• Prior to that, the company divested its biopharma solutions business to private equity firms Warburg Pincus and Advent International in a $4.25 billion deal.

These moves are part of Baxter's broader strategy to refocus its operations and strengthen its financial position. The restructuring efforts aim to position the company for future growth and innovation in its core medical products business.

Future Outlook

As Baxter enters this new phase, the company is poised to leverage its streamlined structure to drive innovation and enhance its market position. Hider expressed enthusiasm about the company's future, stating, "Baxter has undergone a significant transformation over the last few years, refocusing the company and better positioning it for the future. I look forward to partnering with the Board and working alongside my talented future colleagues to accelerate innovation, further enhance our performance and redefine healthcare delivery while driving sustainable, long-term growth."

The pharmaceutical industry will be watching closely as Baxter, under Hider's leadership, seeks to capitalize on its restructuring efforts and pursue new opportunities in the evolving healthcare landscape.