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United States : Baxter Names Chief Financial Officers for New Biopharmaceutical Spin-Off and Baxter International Inc.

July 8, 2014

Baxter International Inc. announced that upon completion of the tax-free distribution of the company's 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 company's 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., Baxter's 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. "I've 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 company's 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 master's degree in engineering economic systems and a bachelor's 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.

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Source: TendersInfo (India)

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