BUZZ-Baxter falls; CEO José Almeida to retire

Shares of medical device maker Baxter BAX.N fall 2.6% to $31.73

Co says CEO José Almeida will retire effective immediately, after nearly a decade as the company's top boss

BAX's board appoints Brent Shafer, lead independent director, as chair and interim CEO, and initiates search for a permanent candidate

Co also reiterates forecast of 4% to 5% operational sales growth and about 16.5% adj operating margin for 2025

Says current forecast does not include any impact from the recently announced U.S. tariffs on imports from Mexico, Canada and China; plans to provide an update with its Q4 results on Feb 20

"While a lot to digest, the management reorganization does not surprise us and comes at a time where New Baxter can step out and begin anew after 2+ years of significant re-organization," says brokerage Citi

Stock fell 24.6% in 2024