DEERFIELD, Ill.--(BUSINESS WIRE)--
Baxter International Inc. (NYSE:BAX) announced that upon completion of
the tax-free distribution of the companyís biopharmaceuticals business,
Robert J. Hombach, currently chief financial officer for Baxter
International Inc., will be appointed chief financial officer and will
assume additional operational responsibilities for the independent
biopharmaceuticals company. Hombach will report to Ludwig N. Hantson,
PhD., who will serve as the new companyís CEO. James K. Saccaro will
rejoin Baxter August 4, 2014, and will assume the role of chief
financial officer of Baxter International Inc., reporting to Robert L.
Parkinson, Jr., Baxterís chairman and CEO, following completion of the
transaction in 2015.
''Both businesses require disciplined financial management of our global
operations, including an intense focus on driving performance and
enhancing value for our shareholders,'' said Parkinson. ''Iíve had the
honor of working directly with Bob and Jay for many years, and both are
extraordinary executives who bring deep knowledge of the businesses,
financial experience and leadership as we advance our work to create two
separate, independent healthcare companies.''
Hombach joined Baxter in 1989 and has served in a number of finance
positions with increasing responsibility in financial planning,
manufacturing, operations and treasury. Prior to assuming his current
role in 2010, he served as corporate vice president and treasurer.
Hombach also served as vice president of finance, Europe, and vice
president of corporate planning, where he led several enterprise-wide
initiatives and served as a member of the Baxter strategy team.
Hombach earned his master's degree in business administration from
Northwestern University'sKellogg Graduate School of Management, and his
bachelor's degree in finance, cum laude, from the University of Colorado.
Saccaro joined Baxter in 2002 and held a number of positions of
increasing responsibility in both finance and operations for the
companyís Medical Products and BioScience businesses. He was elected
corporate vice president and treasurer in 2011. Saccaro rejoins Baxter
from Hill-Rom Corporation, where he served as senior vice president and
chief financial officer.
Prior to joining Baxter, Saccaro started his career with the Walt Disney
Company in strategic planning, and earned his masterís degree in
engineering economic systems and a bachelorís degree in economics, both
from Stanford University.
The biopharmaceuticals business, with 2013 annual revenues of
approximately $6 billion, consists of a diverse portfolio of recombinant
and plasma-based proteins to treat hemophilia and other bleeding
disorders, and plasma-based therapies to treat immune deficiencies,
alpha-1 antitrypsin deficiency, burns and shock, and other chronic and
acute blood-related conditions. This business's strategy is aimed at
improving diagnosis, treatment and standards of care across a wide range
of bleeding disorders and chronic diseases, enhancing capacity to meet
growing demand for biotherapeutics, leveraging expertise into new
emerging therapeutics through acquisitions and collaborations, and
developing a robust new product pipeline focused on new and effective
treatments that address unmet medical needs.
The medical products business, with 2013 annual sales of more than $9
billion, offers a broad portfolio of intravenous (IV) solutions and
nutritional therapies, drug delivery systems and administration sets,
premixed and other injectable drugs, as well as inhalation anesthetics
and hospital-based biosurgery products. This business is also
integrating the Gambro AB acquisition, which complements Baxter's
existing renal therapies franchise and provides customers a
comprehensive portfolio of products and services to treat end-stage
renal disease across the full continuum of care. The medical products
company will focus on strengthening its market leadership through
geographic expansion and increased penetration, leveraging its extensive
hospital presence and global footprint, developing comprehensive
solutions to improve patient outcomes and safety, and enhancing
profitability through a more streamlined and flexible cost structure.
Baxter International Inc., through its subsidiaries, develops,
manufactures and markets products that save and sustain the lives of
people with hemophilia, immune disorders, cancer, infectious diseases,
kidney disease, trauma and other chronic and acute medical conditions.
As a global, diversified healthcare company, Baxter applies a unique
combination of expertise in medical devices, pharmaceuticals and
biotechnology to create products that advance patient care worldwide.
This release includes forward-looking statements concerning the
planned separation of Baxter's biopharmaceutical and medical products
businesses and the expected leadership of the two resulting companies
after the separation.†The statements are based on assumptions about many
important factors, including the following, which could cause actual
results to differ materially from those in the forward-looking
statements: the ability to successfully separate the businesses on the
terms or timeline currently contemplated, if at all, and achieve the
intended results, and other risks identified in Baxter's most recent
filing on Form 10-K and other Securities and Exchange Commission
filings, all of which are available on Baxter's website.†Baxter does not
undertake to update its forward-looking statements.
Baxter International Inc.
Mary Kay Ladone, (224) 948-3371
Source: Baxter International Inc.