DEERFIELD, IL – Baxter International Inc. (NYSE:BAX), a leading global medical products company, announced today the resignation of Brian Stevens from his role as Senior Vice President, Chief Accounting Officer, and Controller. The departure, effective immediately, concludes Stevens' tenure with the company without any reported disagreements on company operations or financial matters.
Concurrently, the Board of Directors has appointed Joel Grade, currently the Executive Vice President and Chief Financial Officer, to serve as the interim Chief Accounting Officer while retaining his CFO responsibilities. Grade's compensation will remain unchanged during this interim period.
The company has stated that Stevens' resignation was not due to any operational, policy, or financial disputes, and he will receive severance in line with the company's Executive Severance Plan, provided he does not revoke a general release of claims in favor of Baxter.
Baxter's swift action to fill the crucial accounting oversight role reflects the company's commitment to maintaining continuity in its financial leadership. The information regarding these executive changes is based on a press release statement filed with the U.S. Securities and Exchange Commission.
In other recent news, Carlyle Group (NASDAQ:CG) has acquired Vantive, Baxter International Inc.'s kidney-care business, for $3.8 billion. This significant development in the healthcare sector is part of Baxter's strategy to manage its financial liabilities, having reduced its debt by approximately $2.8 billion last year.
Vantive, known for its leading market positions and growth trajectory, generated around $4.5 billion in revenue last year and employs over 23,000 staff.
In earnings news, Baxter International reported strong second-quarter results for 2024, exceeding expectations with sales growth in multiple sectors. The company's sales from continuing operations grew 3% on a reported basis and 4% at constant currency rates.
Baxter has improved its full-year sales growth forecast to around 3% and expects an increase in adjusted operating margin by over 50 basis points.
In relation to analyst upgrades or downgrades, there was no specific information provided in the past articles. However, Baxter's strategic moves, such as the sale of Vantive and exceeding Q2 expectations, have been positively received.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.