DEERFIELD, Ill.– Baxter International Inc. (NYSE:BAX), a global medtech leader, today announced it has selected Chris Toth to be chief executive officer (CEO) of the company’s planned spinoff of its Renal Care and Acute Therapies businesses. Until the spinoff, which remains subject to satisfaction of customary conditions and is currently expected to occur by July 2024 or earlier, Mr. Toth will serve as executive vice president and group president, Kidney Care, and report to Baxter chairman, president and CEO, José (Joe) E. Almeida, effective June 1, 2023.
“Chris’s deep global healthcare and operational experience, coupled with his patient- and customer-centric approach, makes him the perfect choice to lead our proposed spinoff,” said Mr. Almeida. “I am confident that his passion for healthcare access and quality of care, strong focus on building a high-performance culture, and proven record of driving profitable growth and innovation will both build on the new company’s 70-year legacy of pioneering leadership and help guide it to new success.”
As previously announced, Baxter intends to spin off its Renal Care and Acute Therapies businesses into an independent, publicly traded company (Kidney Co). The new company will benefit from its existing leading product portfolio, geographically diverse footprint, and extensive commercial operations, as well as from robust service capabilities that support its therapies delivered in the home, clinic, and intensive care unit (ICU). As a standalone entity with its own investment priorities and enhanced management focus, Kidney Co should be better positioned to pursue growth opportunities and invest in innovation.
“Baxter’s Kidney Care enterprise is a leader in the global industry, serving more than one million patients annually as a trusted partner to providers and clinicians around the world,” said Mr. Toth. “I am honored and energized to lead the proposed Kidney Co forward with my dedicated colleagues, and to create value for the patients, providers, future investors and many other stakeholder communities we will serve.”
