Medical device maker Boston Scientific Corp. said Tuesday that Chief Executive Ray Elliott will step down at the end of 2011 after a short tenure, sending its shares down nearly 10 percent.
In a statement, Elliott said it was "time for me to permanently pass the baton to a long-term CEO." The company said it had created a committee that includes Elliott to search for a successor.
Elliott, who took the top job about two years ago, will serve as CEO until Dec. 31.
© 2015 Thomson/Reuters. All rights reserved.