REUTERS: Smith+Nephew Plc Chief Executive Namal Nawana is stepping down after just 17 months in the role after becoming dissatisfied with his salary at the medical device maker.
An earlier FT report had said Smith+Nephew directors discussed moving the company's main listing from London to New York, where higher executive payouts are more common and less controversial, to boost its top salaries. Smith+Nephew shares, which have risen 40per cent since Nawana's appointment last year, fell 8.2per cent on Monday.Nawana had focused on boosting revenue and profitability by realigning the 160-year-old company's operations, concentrating on product divisions rather than geographies.
Analysts expect Smith+Nephew's revenue to rise more than 4per cent this fiscal year, compared with the 0.8per cent to 3per cent growth the company has had over the last three years.
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