Summary
Edwards Lifesciences Corporation (EW) announced a significant leadership transition, with current CEO Michael A. Mussallem planning to retire from his CEO role at the company's Annual Meeting of Stockholders on May 11, 2023. Mr. Mussallem will transition to a non-executive Chairman of the Board position, ensuring continued strategic guidance. Bernard J. Zovighian, currently corporate vice president and general manager for the Transcatheter Mitral and Tricuspid Therapies (TMTT) business, has been appointed President effective January 1, 2023, and will succeed Mr. Mussallem as CEO on May 11, 2023. This planned succession aims to provide continuity and leverage Mr. Zovighian's extensive experience, particularly in the TMTT segment, which is a key growth area for Edwards. The company also announced compensation adjustments for Mr. Zovighian and Larry Wood, who is taking on an expanded role. These changes are part of a strategic move to position the company for future growth and innovation under new leadership, while retaining valuable experience at the board level.
Key Highlights
- 1Michael A. Mussallem to retire as CEO on May 11, 2023, and transition to non-executive Chairman of the Board.
- 2Bernard J. Zovighian appointed President effective January 1, 2023, and will succeed as CEO on May 11, 2023.
- 3Zovighian brings extensive experience, including leadership in Edwards' TMTT business and nearly 20 years at Johnson & Johnson.
- 4Bernard J. Zovighian's base salary to increase to $800,000 and incentive pay objective to $800,000, effective January 1, 2023.
- 5Larry Wood appointed to an expanded role as Group President, TAVR and Surgical Structural Heart, effective January 1, 2023.
- 6Larry Wood's base salary to increase to $750,000 and incentive pay objective to $750,000, effective January 1, 2023.
- 7The company issued a press release on December 8, 2022, announcing these leadership and organizational changes.