Baxter CEO José Almeida retires after nearly a decade of leadership

USA – José Almeida, Baxter’s President and CEO, has announced his immediate retirement after leading the company for nearly a decade.

His departure follows Baxter’s US $3.8 billion sale of its Vantive kidney care unit to The Carlyle Group, marking a major shift in the company’s strategy.

Almeida described his time at Baxter as an “immense honor”, emphasizing the company’s mission to serve over 350 million patients annually.

“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,” he said.

Baxter’s Board of Directors has appointed Brent Shafer, the lead independent director, as interim CEO and chair while a search for a permanent successor is underway. The company is considering both internal and external candidates.

Shafer praised Almeida’s leadership, stating, “Joe has guided the company through a period of significant evolution and portfolio repositioning, including the recently closed sale of its Kidney Care business.” Almeida will remain an advisor until October to help with the transition.

Leadership changes and strategic focus

Alongside Almeida’s departure, Baxter has promoted Heather Knight to Chief Operating Officer (COO).

Knight previously led Baxter’s largest business segment and has extensive experience in acute therapies, clinical nutrition, and medication delivery.

Shafer explained the decision, saying, “Unifying leadership and oversight of operations across our three post-separation businesses is a natural step in our transformation.”

Financial outlook and market challenges

Baxter will report its quarterly and full-year earnings on February 20, reaffirming its financial goals. However, the company is assessing the potential impact of new U.S. tariffs on Canada, Mexico, and China.

Almeida had previously told investors that Baxter’s exposure to Chinese tariffs is mostly limited to raw materials like computer chips rather than finished products.

He also reassured that the company’s exit from the kidney care business would reduce risks tied to the Chinese market. “It’s remarkably different, the new Baxter versus the old Baxter,” he noted.