Name: Jay Saccaro
New title: CFO of GE HealthCare
Previous title: CFO of Baxter International
GE HealthCare has hired Baxter’s chief financial officer, Jay Saccaro, to replace CFO Helmut Zodl at the former GE subsidiary. Saccaro will depart Baxter at the end of May, after eight years as finance chief. Brian Stevens, Baxter’s senior vice president, chief accounting officer and controller, will serve as acting CFO while the company looks for a successor, Baxter said in a statement.
Saccaro will join the GE spinoff on June 1. Zodl will stay with the company, leading special projects related to the firm’s separation from its former parent company.
José Almeida, the Baxter CEO, praised Saccaro in a statement on Tuesday, calling him a “true partner as CFO as we've worked to reposition and refocus our business.”
Baxter is currently going through a restructuring, which includes plans to spin off its kidney care business and a recently announced sale of its biopharma solutions unit.
“While the timing is not ideal, given where [Baxter] is in its turnaround, we understand this represents an attractive opportunity to join another large healthcare organization with a fresher start,” KeyBanc analyst Matthew Mishan wrote in a research note on Tuesday.
