Buchanan To Quit As Smith & Nephew Chairman
Sir John Buchanan is to step down as chairman of Smith & Nephew (S&N) next year as the maker of medical devices becomes the latest FTSE-100 company to hunt for fresh leadership.
Sky News understands that S&N is likely to announce Sir John's retirement alongside its third-quarter results on October 31, bringing the curtain down on his eight-year reign at the helm.
The company, which makes woundcare products as well as hip and knee replacements, is said by insiders to be close to identifying a successor to Sir John.
The search for a new chairman places S&N alongside GlaxoSmithKline, the pharmaceuticals group; Glencore Xstrata, the miner; Lloyds Banking Group; and WPP, the marketing services provider in a bracket of the UK's blue-chip companies which are looking for new boardroom leadership.
Sir John, a former BP executive who also chairs the microchip-manufacturer ARM Holdings, will leave S&N at its annual meeting next year, one source said on Friday.
The medical group has seen its shares record a 20% rise during the last year against an increase of 12% for the FTSE-100 index as a whole.
S&N declined to comment.