Baxter International appoints new CEO, months after former leader abruptly retired
Andrew Hider will serve as the new CEO of Baxter no later than Sept. 3, the company announced Monday morning. Hider, 48, is now CEO of ATS Corporation, which provides automation solutions for companies in the life sciences, food and beverage, transportation, consumer products and energy industries. Baxter makes IV fluids, a number of pharmaceuticals and other hospital products.
Hider will earn an annual base salary of $1.35 million, with the potential to earn an annual bonus equal to 150% of his salary, as well as being eligible to participate in the company's long term incentive equity program. He will also receive a one-time sign-on payment of $1 million, as well as various other payments and benefits.
Baxter's current chair and interim CEO Brent Shafer, called Hider an 'exceptional leader with a strong track record of operational excellence, disciplined execution and innovation,' in a news release.
Hider said in the release that he looks forward to working with the board and his new colleagues to 'redefine healthcare delivery while driving sustainable, long-term growth.'
'Baxter has undergone a significant transformation over the last few years, refocusing the company and better positioning it for the future,' Hider said.
In February of this year, Baxter announced that then-CEO and Board Chair José Almeida would retire, effective immediately. Baxter did not say at the time why Almeida was retiring effective immediately, but Almeida said in a news release, '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.'
Almeida had led the company since 2016, and his retirement was announced just days after Baxter closed on its sale of its kidney care business to global investment firm Carlyle for $3.7 billion. That business is now a new company called Vantive with headquarters in Deerfield.
Baxter's sale of its kidney care business was part of a three-pronged strategy, intended to strengthen and transform the company after facing significant challenges. In late 2021, Baxter acquired medical equipment and technology company Hillrom for $10.5 billion. The following year, Baxter revealed an impairment charge of $3.1 billion related to the acquisition, meaning Hillrom was no longer worth what Baxter had paid for it.
As part of its restructuring following the acquisition, Baxter said in 2023 that it planned to lay off less than 5% of its workers across the globe.
Baxter also focused last year on ramping back up production of IV solutions, after its largest manufacturing plant, in North Carolina, was damaged by Hurricane Helene – a situation that alarmed hospitals that depend on those fluids. That plant is now back up to its pre-hurricane production levels.
As the new CEO, Hider may also have to deal with fallout from potential tariffs. Baxter's chief financial officer said during a May earnings call that tariffs could cost the company $60 million to $70 million this year, though he said a majority of the products Baxter sells in the U.S. are manufactured in the U.S. and consist largely of U.S.-made components.
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