Baxter International has announced the immediate retirement of José (Joe) Almeida as CEO, president, and chair.

Almeida will continue to serve in an advisory capacity until 31 October 2025.

The company's board of directors has named Brent Shafer as the new chair and interim CEO and begun the search for a permanent CEO.

Almeida has been at the helm of the company since January 2016, steering it through significant strategic changes, notably reorienting towards higher-growth markets.

His leadership has seen the divestment of non-core assets and the introduction of a new operating model aimed at expediting innovation and enhancing value.

Baxter has also gained recognition for its social responsibility and as a preferred employer under Almeida's tenure.

Almeida said: "It has been an immense honour to lead the exceptionally talented Baxter team, which is united by our mission and passionate about serving the more than 350 million patients who count on us every year.

“With the key elements of our broad strategic transformation complete, this is the right time for a new CEO to lead the company into its next chapter.” 

In addition, the board has appointed Heather Knight as the chief operating officer (COO) and executive vice president, with immediate effect. meanwhile, Baxter director Nancy Schlichting will take over as lead independent director.

Knight will oversee day-to-day operations, including worldwide sales, research and development (R&D), marketing, supply chain, and medical and regulatory affairs.

She will also take the role of interim group president for medical products and therapies.

In a related development, Baxter completed the sale of its kidney care business to Carlyle for $3.8bn, a deal announced in August last year. Meanwhile, Baxter launched the Vest advanced pulmonary experience (APX) system last year, enhancing support for individuals with chronic lung conditions.