Latest news with #BaxterInternational
Forbes
08-07-2025
- Business
- Forbes
Ending Unlimited PTO Doesn't Solve Underlying Workforce Issues
Ending unlimited PTO won't fix poor performance or burnout—honest feedback and a healthy culture ... More that supports time off are what truly matter. Bolt, the e-commerce technology company, recently reversed its policy of offering employees unlimited paid time off (PTO) and now requires 'mandatory' four weeks of vacation. The reason, CEO Ryan Breslow explained, is that 'when time off is undefined, the good ones don't take PTO. The bad ones take too much.' Based on my forty-five years in the corporate world, including as chair and CEO of Baxter International, I question whether this change addresses two underlying workforce issues that the Bolt CEO alludes to in his quote. First, the so-called 'bad ones' taking off too much time is a performance issue, which limiting PTO will not change. Whether someone is off for two weeks, four weeks, or six weeks a year doesn't change the fact that they are not meeting expectations. The only remedy is honest and frequent feedback between managers and their direct reports. One significant benefit of giving continuous feedback is that it minimizes and, ideally, eliminates anyone being surprised to learn that they are falling short of performance standards or that they are simply in the wrong job. However, when these people receive open, honest, and direct feedback on an ongoing basis, they know that the job is not working out. In many cases, they will leave before being fired. Equally concerning are the 'good ones' who aren't taking enough PTO. Clearly, there is no performance issue here; in fact, they're probably exceeding expectations. So why aren't they taking vacation? It could be that the workload is so heavy, they fear falling behind if they are out for more than a few days at a time. If so, then it's up to managers to ensure that there is a plan in place to support people in taking off time from work, whether asking others to pitch in or adjusting timelines to ease the pressure. More problematic is the perception, implicit or explicit, that top performers don't take vacation. This is a culture issue, and it's common to many high-performance organizations. A case in point, a few years ago Goldman Sachs implemented an unlimited PTO policy for senior bankers. The move seemed contrary to Goldman's hard-driving culture. In fact, according to the New York Times, 'the bank's move hasn't led to much cheering at a place where employees build their careers on being available to clients anytime, anywhere. Goldman, in particular, has long prided itself on that ethos — so much so that its leaders rarely use all their holidays and often forgo out-of-office messages.' In other words, simply telling top performers that they can take their vacation doesn't mean they will — especially if it goes against the culture. I'll never forget the conversation I had with someone who told me, with pride in his voice, that when he retired he had 19 weeks of accumulated vacation. That's nearly five months of vacation time not taken! Another friend told me it had been '16 months since I had more than one day off.' The exact number — 16 months — made me think she was keeping score. If you feel guilty about taking time off because of your work responsibilities, think of it this way: paid vacation time is part of your compensation—one way your employer rewards you. So why wouldn't you take your vacation the same way you accept your paycheck and other benefits? If you think not taking vacation will earn you a badge of honor, think again. And if you are rolling over vacation days in order to be paid for them when you leave, you are missing out on some significant benefits now, both personally and professionally. Throughout my corporate career, I worked very hard. However, no matter what my job title and responsibilities were I always took all of my vacation days for the year. Of course, I wanted to spend those days with my family, while also devoting more time to seeing friends, exercising and engaging in leisure activities, and self-reflecting. In addition, I recognized that vacation time actually improved my performance. I also knew that, whether I was the manager of a small team or the CEO running a company with 50,000 employees, when I set the example of taking vacation, people noticed and did the same. Getting away and 'unplugging' from work helps avoid burnout—a problem that is on the rise in the U.S. affecting two-thirds of people, according to one study. In addition, research shows that people who take time away from work reap significant health benefits. New research published in the Journal of Applied Psychology emphasizes taking several days of vacation at a time results in 'psychological detachment' and increased physical activities 'may be the most beneficial for improving employee well-being.' Taking vacation helps you avoid the 'I'm irreplaceable' trap, which can stymie your career. To explain, consider a scenario I've witnessed many times. Two managers, Henry and Beth, report to the department head, Ralph. One day, Ralph calls the two managers, telling them he's leaving for New York in an hour and needs summaries of the analyses their teams have been working on. Henry springs into action. He tells the people on his team that he needs a summary, pronto! As soon as he receives the information, Henry sprints to Ralph's office, rehearsing in his head the brilliant presentation he's about to make that will show just how valuable and irreplaceable he is. Beth has a different approach, which is more focused on developing her team. She tells them, 'Get your notes and come with me. We've got a presentation to make to Ralph.' Flash forward to when Ralph hears the news that a senior manager is going to retire and needs to be replaced. As Ralph thinks about who could step up to that job, it strikes him that Henry can't be moved because his team can't function if he isn't there. Beth, however, has demonstrated that several people on her team could take over for her. No surprise — Beth gets promoted. There's a moral to this cautionary tale: If you aren't taking vacation because you want everyone to see how irreplaceable you are in your current job, it may be a self-fulfilling prophecy. You're off for a week — going to the beach, trekking to the mountains, or even having a 'staycation' to relax with family and friends. Whatever you enjoy doing, you're engaging in some well-earned recreation. Now, think about that word for a moment. Its Old French and Latin roots point to a deeper meaning than merely 'fun.' Rather, recreation is about restoring, renewing, and refreshing — even recovery. That's a potent incentive to take your vacation and come back to work energized.
Reuters
07-07-2025
- Business
- Reuters
Baxter International taps Andrew Hider as CEO
July 7 (Reuters) - Baxter International (BAX.N), opens new tab on Monday named Andrew Hider as the medical device maker's new top boss, succeeding longtime CEO Jose Almeida. Hider previously served as CEO of ATS Corporation ( opens new tab, a company that designs and builds machinery for industries including medical devices, food and beverage, and pharmaceuticals. During his eight-year tenure at ATS, Hider oversaw multiple product launches and led acquisitions of companies such as Avidity Science, Heidolph, and Transformix Engineering, strengthening ATS's life sciences portfolio. He also spent 10 years at Danaher (DHR.N), opens new tab, a life sciences and diagnostics company, holding various leadership positions. "Andrew's leadership at global, diversified companies underscores his ability to manage complex operations and generate value for shareholders," said Baxter interim CEO Brent Shafer, who will transition to independent chair of the board. Baxter has experienced robust demand for its intravenous (IV) solutions after a supply disruption last year caused by hurricane-related flooding at one of its manufacturing facilities. The company said that Hider will assume his new role no later than September 3, taking over from Almeida, who stepped down in February. Almeida's retirement followed Baxter's $3.8 billion spinoff of its kidney care unit. During his tenure, Baxter acquired hospital bed-maker Hill-Rom for $10.5 billion and shifted its focus away from the biopharma business. Under Almeida's leadership, the company's shares more than doubled to $90 in the initial years, only to shed gains during the post-pandemic years.
Yahoo
07-07-2025
- Business
- Yahoo
Medical Equipment Maker Baxter International Names New CEO
Baxter International on Monday named Andrew Hider, chief executive of Canadian automation solutions firm ATS Corp., its new CEO. Deerfield, Illinois-based Baxter (BAX), a medical equipment company with a market capitalization of roughly $15 billion, said Hider would "assume his responsibilities at Baxter no later than Sept. 3, 2025, or an earlier date pending completion of his current employment commitments." Brent Shafer, who has served as interim CEO at Baxter since February, will remain board chair once Hider assumes his role. Cambridge, Ontario-based ATS (ATS) said Hider, its CEO since 2017, would be stepping down "to pursue a new leadership opportunity outside the automation industry." It added that Hider's departure "is expected to be by the end of August on a date to be determined by the Board," and that CFO Ryan McLeod would serve as interim CEO upon his exit. Shares of both companies fell on Monday afternoon, with those of Baxter declining by more than 4% and those of ATS dropping by about 8.3%. Baxter stock remains slightly positive for the year but ATS shares moved into negative territory for 2025 on the news. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-07-2025
- Business
- Yahoo
Baxter International appoints new CEO, months after former leader abruptly retired
Deerfield-based Baxter International has named a new president and CEO, about five months after its 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. Sign in to access your portfolio
Chicago Tribune
07-07-2025
- Business
- Chicago Tribune
Baxter International appoints new CEO, months after former leader abruptly retired
Deerfield-based Baxter International has named a new president and CEO, about five months after its 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.
