New chief at Cochlear

HEARING implant maker Cochlear has revealed chief executive Chris Smith will step down next year, to be succeeded by chief operating officer Dig Howitt.

Cochlear announced yesterday that Mr Smith would retire on January 2.

Mr Smith was also president of the company and passed that baton to Mr Howitt yesterday.

Mr Smith is retiring after 13 years at Cochlear, the last two as chief executive.

Shares in Cochlear closed 1.5 per cent down at $142.85.