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    Boston Scientific CEO who led Guidant deal to retire

    By Dan Haugen | Published Fri, Jun 26 2009 9:35 am

    Jim Tobin, the man in charge at Boston Scientific during the medical-device maker's 2006 bidding war for Arden Hills-based Guidant Corp., will retire on July 13, the company announced Thursday.

    "Ten years ago this month, I began my tenure as CEO of Boston Scientific, and two months from now, I will turn 65," Tobin said in a statement. "Over the course of the past decade, we have built a stronger, more diversified company that is well positioned for the future."

    Some will disagree with that assessment. Boston Scientific's $27 billion offer eventually beat out Johnson & Johnson's bid for Guidant, but it is widely believed to have overpaid for the Arden Hills company.

    Tobin has been dogged by that and other criticisms in recent years. The investment blog Wall Street 24/7 named him to its list of 10 CEOs Who Need To Go each of the past two years. "It isn't working under his reign."

    Tobin will be succeeded by Ray Elliott effective July 13.

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