Hip boss hops it amid pay row
Medical firm chief exec to stand down
THE boss of artificial hip maker Smith & Nephew yesterday announced plans to quit after just 17 months in the job.
Namal Nawana’s departure comes amid reports of a row over executive pay.
He joined medical devices company Smith & Nephew from US diagnostics firm Alere. He is the latest in a string of exits by FTSE 100 chiefs since the start of 2019.
Smith & Nephew said Roland Diggelmann, boss of Roche Diagnostics, will take over as chief executive from the start of next month.
Nawana’s departure follows reports that Smith & Nephew was mulling over plans to move its share listing to the US partly to escape the UK’s stricter attitudes towards pay for executives. In June, it was reported that the company could Nawana’s pay demands.
In a statement, the medical products business said his departure was decided by “mutual agreement” to allow Nawana to pursue other opportunities outside the UK.
The company also added that he had been “instrumental in accelerating revenue growth and profitability across the business™.
Nawana said: “There is clear momentum behind our strategy laid out last year, underlined by the company’s performance generated by our team during 2019.
“I am proud to be leaving Smith & Nephew in a strong position for the next phase of its development.”
Shares in the company dived by nearly 9% yesterday.
DEPARTING Namal Nawana not meet
Bryan needed a bit of extra money during his semi-retirement as he wanted to update his car and take a trip to see his family in New Zealand. Bryan, a part-time delivery driver, decided to release some of the cash tied up in his home, with an equity release plan.
“My family have all got their own homes so don’t really need anything from me, but there will still be a bit left in my estate to pass on to them,” says Bryan, 79, from Blackpool.
“It seemed silly having so much money tied up in property.”
Bryan released £20,000 via a lifetime mortgage – a type of loan secured against his home. He doesn’t have to pay anything back until his home is sold, either on his death, or if he moves into permanent long-term care.
Bryan explains: “I wasn’t struggling with everyday bills, I have my pension and earn a bit of cash from my part time work. But, I needed to get the cash together to replace my car and couldn’t see any other way of getting hold of a lump sum.”
“I couldn’t believe how easy it was to sort this out. I had everything explained to me in simple terms, spelling out all the pros and cons – so I knew exactly where I stood and the effect it would have on my estate. It was the best move for me.”
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