Baxter Names CFO for Biopharmaceutical BusinessBy
Baxter International Inc. reports that upon completion of the tax-free distribution of the company’s biopharmaceuticals business, Robert J. Hombach, currently chief financial officer for Baxter International Inc., will be appointed chief financial officer and will assume additional operational responsibilities for the independent biopharmaceuticals company. Hombach will report to Ludwig N. Hantson, PhD, who will serve as the new company’s CEO. James K. Saccaro will rejoin Baxter August 4, 2014, and will assume the role of chief financial officer of Baxter International Inc., reporting to Robert L. Parkinson, Jr., Baxter’s chairman and CEO, following completion of the transaction in 2015.
Baxter announced in March 2014 that it was separately into two independent companies, one focused on biopharmaceuticals and a second on medical products. The biopharmaceuticals business, with 2013 annual revenues of approximately $6 billion, consists of a portfolio of recombinant and plasma-based proteins to treat hemophilia and other bleeding disorders, and plasma-based therapies to treat immune deficiencies, alpha-1 antitrypsin deficiency, burns and shock, and other chronic and acute blood-related conditions. This business’s strategy is aimed at improving diagnosis, treatment and standards of care across a wide range of bleeding disorders and chronic diseases, enhancing capacity to meet growing demand for biotherapeutics, leveraging expertise into new emerging therapeutics through acquisitions and collaborations, and developing a product pipeline focused on new and effective treatments that address unmet medical needs.
The medical products business, with 2013 annual sales of more than $9 billion, offers a portfolio of intravenous (IV) solutions and nutritional therapies, drug-delivery systems and administration sets, premixed and other injectable drugs, as well as inhalation anesthetics and hospital-based biosurgery products. This business is also integrating the Gambro AB acquisition, a provider and leader of dialysis products, which complements Baxter’s existing renal therapies franchise.
Hombach joined Baxter in 1989 and has served in a number of finance positions with increasing responsibility in financial planning, manufacturing, operations and treasury. Prior to assuming his current role in 2010, he served as corporate vice president and treasurer. Hombach also served as vice president of finance, Europe, and vice president of corporate planning, where he led several enterprise-wide initiatives and served as a member of the Baxter strategy team.
Saccaro joined Baxter in 2002 and held a number of positions of increasing responsibility in both finance and operations for the company’s Medical Products and BioScience businesses. He was elected corporate vice president and treasurer in 2011. Saccaro rejoins Baxter from Hill-Rom Corporation, where he served as senior vice president and chief financial officer.
Source: Baxter International