Smith & Nephew (LSE: SN, NYSE: SNN), the global medical technology business, announces that Erik Engstrom is to join its Board as Non-Executive Director on 1 January 2015.
Roberto Quarta, Chairman of Smith & Nephew, commented:
“Erik is a proven leader who has successfully reshaped Reed Elsevier’s business in terms of portfolio and geographies. In particular, his deep understanding of how technology can be used to transform a business will be invaluable as we develop new commercial models that deliver attractive economics for patients, payers and healthcare providers.”
Engstrom has been Chief Executive of Reed Elsevier since 2009. He wasChief Executive of Elsevier, the division specialising in scientific and medical information from 2004 to 2009.
Prior to Reed Elsevier, Engstrom was a Partner at General Atlantic Partners, a private equity investment firm focusing on information technology, internet and telecommunications businesses (2001-2004).
Previously he worked in publishing, as President and Chief Operating Officer of Random House Inc. (1998-2001), and at Bantam Doubleday Dell Publishing Group Inc. (1991-1998), latterly as President and Chief Executive Officer, North America, until its merger with Random House. He started his career in 1988 at McKinsey & Co.
A Swedish national, Engstrom is a graduate of the Stockholm School of Economics (BSc) and of the Royal Institute of Technology in Stockholm (MSc). In 1986 he was awarded a Fulbright scholarship to Harvard Business School, from where he graduated with an MBA in 1988.
No disclosure obligations arise under paragraphs (1) to (6) of LR 9.6.13 R of the UK Listing Authority’s Listing Rules in respect of this appointment. Engstrom’s fees will be £63,000 cash plus £3,500 in Smith & Nephew shares per annum, in-line with current Non-Executive Directors.
Smith & Nephew
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Smith & Nephew
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About Smith & Nephew
Smith & Nephew is a global medical technology business dedicated to helping healthcare professionals improve people’s lives. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management,Sports Medicine and Trauma & Extremities, Smith & Nephew has around 14,000 employees and a presence in more than 90 countries. Annual sales in 2013 were more than $4.3 billion. Smith & Nephew is a member of the FTSE100 (LSE: SN, NYSE: SNN).
For more information about Smith & Nephew, please visit our corporate website www.smith-nephew.com, follow @SmithNephewplc on Twitter orvisit SmithNephewplc on Facebook.com
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