Analyst Summary
- Brent Shafer appointed Chair and Interim CEO following José Almeida’s departure; Nancy Schlichting appointed Lead Independent Director; Heather Knight appointed COO and Interim Group President of Medical Products & Therapies.
- Completed the sale of the Kidney Care business (Vantive) to Carlyle for approximately $3.4 billion and the BioPharma Solutions (BPS) business, using proceeds for debt repayment.
- Redesigned operating model to enhance accountability and disciplined portfolio management to support accelerated growth and improved profitability.
- Created an Operating Committee of independent directors to review and identify opportunities for improvement in product development, manufacturing, distribution, growth, and operating efficiency.
- Made enhancements to the executive compensation program for 2024 to account for the divestiture of Vantive and to support the stability and focus required of senior leadership, including widening the adjusted EPS and free cash flow performance curves for the annual incentive plan.
- Issued inaugural report against the Task Force on Climate-Related Disclosures (TCFD) framework in December 2023 and continued progress toward Baxter’s 2030 Corporate Responsibility Goals.