Baxter reshuffles financial heads

Baxter has named the chief financial officers for both its forthcoming biotech spin-off company and for its remaining business at Baxter International.

Current group chief financial officer Robert Hombauch will head financial responsibilities at the still-to-be-named biotech company, whose creation was announced in March this year. The split from Baxter expected to be completed sometime in 2015.

Hombauch, who has been with Baxter since 1989, will report to Ludwig Hantson, who has already been named as the new company's CEO.

Replacing Hombauch as chief financial officer at the 'new' Baxter is James Saccaro, who rejoins the company after an 11-year spell from 2002 before leaving in 2013 to join Hill-Rom Corporation.

Saccaro will hold financial responsibilities at a more streamlined Baxter that will focus solely on medical technology.

Baxter's chairman and CEO Robert Parkinson, Jr said: "I've had the honour of working directly with Bob and Jay for many years, and both are extraordinary executives who bring deep knowledge of the businesses, financial experience and leadership as we advance our work to create two separate, independent healthcare companies."

All new positions will be assumed in 2015 once the split is complete.