Smith+Nephew PLC shares declined 3.6% on Wednesday after the medical device maker disclosed that Chief Financial Officer John Rogers will leave the company on Sept. 30 to take a U.S.-based role. Rogers, who joined the UK-based firm in 2022, is departing after approximately 2.5 years as CFO and roughly three years contributing to the company’s 12-Point Plan and RISE strategy.
The company also confirmed that Pierre Palassian, Senior Vice President of Finance and Group Controller, will serve as interim CFO while a permanent successor is identified. Palassian, who joined Smith+Nephew in June 2017 and previously held senior finance roles at AbbVie and Abbott Laboratories, brings over two decades of industry experience to the interim position.
Smith+Nephew’s announcement follows a reduction in its fiscal 2026 organic sales growth guidance to approximately 4%, down from roughly 6% previously, as outlined in the company’s first-half 2026 results. The adjustment reflects ongoing execution challenges in its Orthopaedics segment and questions regarding the delivery of its medium-term strategic plan.
Rogers will step down from both his CFO role and the company’s board effective Sept. 30. Activist investor Cevian Capital has increased its stake in Smith+Nephew to approximately 14%, according to recent disclosures.
CEO Deepak Nath acknowledged Rogers’ contributions, stating that he had played a key role in improving financial performance and advancing the company’s strategic initiatives during his tenure.
