Smith+Nephew CEO steps down over pay, ex-Roche Diagnostics chief to take over (press release)
Smith+Nephew Plc (SN.L) Chief Executive Namal Nawana is stepping down after just 17 months in the role after becoming dissatisfied with his salary at the medical device maker.
The company said Nawana, who will be replaced by former Roche Diagnostics head Roland Diggelmann, was leaving to pursue opportunities outside the United Kingdom and his departure was a mutual decision. A spokeswoman gave no additional details.
“There appears to be a pretty simple reason Nawana is leaving – pay,” AJ Bell investment director Russ Mould said.
“It became apparent over the summer that the company was looking for ways to increase its head honcho’s remuneration with apparent discussions about a move to a U.S. listing to escape an increasing backlash in the UK towards excessive executive pay.”
An earlier FT report had said Smith+Nephew directors discussed moving the company’s main listing from London to New York, where higher executive payouts are more common and less controversial, to boost its top salaries.
Analysts at Berenberg also said Nawana’s pay “aspirations” made his departure inevitable. Nawana, wh...
