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ST. JUDE MEDICAL TAPS LILLY EXEC MATRICARIA FOR PRESIDENT/CEO

This article was originally published in The Gray Sheet

Executive Summary

ST. JUDE MEDICAL TAPS LILLY EXEC MATRICARIA FOR PRESIDENT/CEO; the firm announced on March 17 that Lilly executive Ronald Matricaria will become the firm's president and CEO April 12. With the appointment of Matricaria, St. Jude is gaining a manager with experience in a wide range of medical device businesses to oversee the heart valve firm's diversification effort. Matricaria, who also has been named to St. Jude's board of directors, replaces Lawrence Lehmkuhl, who is moving up to chairman. Current Chairman William Hendrickson was named to the newly created position of Chairman Emeritus. A 23-year Lilly veteran, Matricaria joined the company in 1970 and held several sales, marketing and personnel posts until June 1984, when he was named president and CEO of the Cardiac Pacemakers, Inc. subsidiary. In January 1988, he moved to president of Lilly's diagnostics systems division and in February 1990, he added responsibilities in the medical instrument systems division. When the two divisions were merged in October 1990 to become the medical device and diagnostics division, Matricaria was named president of the business. Matricaria served in the position for nine months before becoming president of Lilly's international operations. In January of this year, he assumed the posts of executive vice president of Lilly's pharmaceutical division and president of its North American operations. The leader in the mechanical heart valve market, St. Jude has been slowly diversifying beyond its core U.S. heart valve business with the expansion of its cardiac assist and international marketing divisions. Matricaria is likely to accelerate the diversification effort. Hendrickson commented that "Matricaria is a highly talented general manager with the necessary skills and experience to build on the strength of our core business and make St. Jude Medical a more diversified medical products company." Matricaria said that he is "looking forward to making a substantial contribution to St. Jude Medical's evolution into a major diversified medical products company." Lehmkuhl became St. Jude's president and CEO in 1985, following 18 years with American Hospital Supply Corporation. During his tenure, St. Jude's annual sales have grown from $26 mil. to $240 mil. in fiscal 1992. Hendrickson was employed by American Home Products Corporation from 1961 to 1980 and served as vice president of the company from 1969 until his retirement in 1980. He became a member of St. Jude's board of directors in 1980 and was named chairman in October 1981.
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